So, who's inControl?

For families who live such a busy lifestyle (like yours and mine), this is rather providential. As if somebody read parents’ minds and assorted problems, took these to heart, and then judiciously came up with spot-on solutions.

“It’s the first in the world and very easy and convenient for family members to use,” says Vincent Patru, VP for emerging payments, MasterCard Worldwide, at the launch last week of the MasterCard inControl Family Solutions. “It empowers cardholders to take charge of household finances and safely extends payment cards to family members for everyday use.”

InControl? Yes! Survey says 71 percent of consumers are keeping a closer eye on their finances than a year ago: What am I doing with my money? How am I paying for my card?

And if you’re a parent, you would want your kid to have some card, especially if you’re sending your child to school abroad, right?

But of course! And the good news (to parents) is with this new service from MasterCard, they can now control how their children’s cards are used and can block these cards, for instance, so they can’t be used to gamble on the Internet. Now, you can block your son’s card at casinos and wine shops or your shopaholic daughter’s card at designer bag/shoe stores. Now you can heave a big sigh of relief!

On the other hand, if your child who’s studying abroad is suddenly hospitalized, you can immediately send money to the hospital to pay for the bills. “The authorization controls enable cardholders to define spending parameters while allowing for flexibility for emergencies,” assures Poch Villa-Real, MasterCard Philippines country manager.

It empowers you as head of family to have a card that fits your family’s needs like a glove. And while keeping an eagle eye on your kids’ expenses, you’re also training them to be credit-worthy. You’re teaching them responsible budgeting while they’re building credit history.

Exactly what can inControl Family Solutions do?

Read this:

• It enables family decision makers to dictate exactly where, when, how, and for what types of purchases each payment card linked to their accounts may be used.

• It enables cardholders to establish their own system of alerts to safeguard against overspending and keep them informed about card activity, such as via SMS and e-mail messaging triggered by events or as a forewarning of activity or the approach of budgetary limits.

Aside from convenience and flexibility, MasterCard inControl Family Solutions offers a more secure payment solution when you shop online — MasterCard cardholders can request for limited-use virtual card numbers (VCN) to their primary card account to pay for their purchases. With the VCN, there’s now added protection against unauthorized card use when shopping at participating online retailers.

You can set your spending limits, usability controls, and alerts on the VCN. There’s added security here as you don’t have to reveal your real payment details to the merchant/authorized user. More, there’s no risk of your card being overcharged as the VCN has a maximum amount, which you have set yourself, for which it can be used.

The key words here are “in control.” As head of the family, you can give an extension card to your spouse, your children, and other members of your household like the majordoma, the driver, the yaya, etc. and have a good night’s sleep knowing that your card is not being maxed out at some beer house, club, designer boutique or supermarket. Because if you give your family driver an extension card to buy gas, you can block everything else except gas and only for this amount (say P2,500). Now, if he attempts to use it in a beer garden, you get an instant SMS alert. Too bad for one philandering husband, who must now be gnashing his teeth or banging his head on the wall, such a service was not yet available when his wife snapped up the latest most-coveted bag from Louis Vuitton during a shopping spree in Paris to get back at him where it hurts most — in his purse strings.

“The key points here are having the flexibility (for instance, you can block your card for these merchants) and getting an alert,” Villa-Real stresses. “People are different and inControl allows that customization. You simply connect to your bank online, click on Family Solutions and the merchant category controls, and change the rules on your card in real time without the bank. And you have that peace of mind because anywhere you are, you should get an alert if somebody uses your card fraudulently. At the barest minimum, the feeling is nice that you get an alert.”

He adds, “As parents, it’s not about the money, it’s where the money is used — like your daughter buying another laptop cover which she doesn’t need.”

“I find this really useful as my children do not have to ask me for money all the time,” says Judith Marie Dayrit, devoted mom who’s also VP for marketing and member relations of MasterCard Philippines. “At the same time, I’m able to have control over the family spending. It’s an easy compromise.”

And what do people around Asia say of this pioneering service from MasterCard?

Of the 2,416 respondents surveyed in Singapore, Malaysia, Indonesia, Thailand, the Philippines, and India, 82 percent was visibly excited; 65 percent said they are likely to sign up when the service is available, while 44 percent was sure they would switch to a payment card that provided such a service if their current cards did not offer it.

So, as head of the family, are you inControl of your finances?

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Visit www.mastercard.com. Follow MasterCard on Twitter @MasterCardNews.