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M-Cube, a prepaid firm based in the United Kingdom, has helped launch a card designed to raise funds for schools and charities and to encourage "good financial behavior" among young consumers, according to a statement Wednesday from Young Enterprise East of England, a national education charity involved in the scheme. The "Y Cash" program enables consumers ages 13 and older to receive MasterCard-branded prepaid cards through Newcastle Building Society, a British financial institution. Schools "nominated" by cardholders and Young Enterprise will split half the profits the program generates, the statement says. Additionally, the program will give "teenagers [the] experience of using a payment card to buy things and manage their finances," Paul Beeson, the chief executive of Young Enterprise, says in the statement. "It will also provide an opportunity to practice good spending habits, especially only spending what you can afford." Earlier this year, M-Cube launched a mobile-banking application for prepaid cardholders in the UK and Ireland (CardLine Global, 10 Feb.)
