Central Bank Eases Access to Bank Cards for Minors
Economy
Following social media reports about difficulties minors face when using bank cards, the Central Bank issued clarifications and announced that the issue will be resolved soon.
The Central Bank has responded to concerns raised on social media about problems minors encounter when opening bank cards and linking them to mobile apps of banks and payment providers. The issue stemmed from mandatory biometric identification.
According to amendments approved by the Central Bank’s Board to the instruction “On the procedure for opening, maintaining and closing bank accounts,” teenagers aged 14 to 18 are now allowed to open bank accounts independently. This enables them to obtain personal accounts and cards without the involvement of parents or guardians.
The regulator emphasized that biometric identification will remain mandatory for high-risk operations such as “New registration,” “Password recovery,” and “Login from another device.” These procedures had previously caused difficulties for some underage users.
In response, the Central Bank has recommended that banks and payment organizations ensure that minors can perform electronic payments via mobile applications while maintaining additional security measures for high-risk operations.
The regulator stated that in the near future minors will be able to use their bank cards fully and without restrictions through banking and payment mobile apps.
According to amendments approved by the Central Bank’s Board to the instruction “On the procedure for opening, maintaining and closing bank accounts,” teenagers aged 14 to 18 are now allowed to open bank accounts independently. This enables them to obtain personal accounts and cards without the involvement of parents or guardians.
The regulator emphasized that biometric identification will remain mandatory for high-risk operations such as “New registration,” “Password recovery,” and “Login from another device.” These procedures had previously caused difficulties for some underage users.
In response, the Central Bank has recommended that banks and payment organizations ensure that minors can perform electronic payments via mobile applications while maintaining additional security measures for high-risk operations.
The regulator stated that in the near future minors will be able to use their bank cards fully and without restrictions through banking and payment mobile apps.
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