PARENTS who want to monitor their children's expenses can now do so with a card which works like a credit card but requires top-ups and enables transactions to be tracked online.

Fevo, as the card has been called, is the result of a tie-up between payment providers MasterCard and EZ-Link. It can be used at any merchant worldwide that accepts MasterCard, as well as for making online payments.

While it cannot be used on public transport currently, this limitation is expected to be fixed by June, said executive director of EZ-Link Nicholas Lee at the card's launch yesterday.

As no age limit or income requirements have been put in place, the two companies hope young people will take it up with the blessings of their parents.

They also see other potential cardholders - consumers on a budget with self-imposed spending limits, travellers and companies that want to track their employees' expenses.

Each card costs $18 and can be ordered online at www.fevocard.com. The website is the only place where users can top up the card, which can hold up to $1,000.

Plans are under way to enable over-the-counter top-ups in shopping malls and convenience stores.

This article was first published in The Straits Times.