Why is this important
Bank cards for minors are increasingly being used for daily settlements, and disruptions in access to mobile applications directly limit their financial independence. App access issues are temporary, and after the identification mechanisms are finalized, teenagers will be able to safely use their cards in digital format.
What happened
- Mobile app users encountered problems during biometric identification during the opening of cards for minors and linking them to the mobile applications of banks and payment organizations.
- The Central Bank commented on the situation and announced measures to address the problems.
- According to the amendments to the “Instruction on the Procedure for Opening, Maintaining, and Closing Bank Accounts”, minors aged 14 to 18 have been granted the right to independently open bank accounts.
System
- According to the Central Bank’s instructions, a biometric identification (Face-ID) mechanism has been implemented in mobile applications for new registration, password recovery, and logging in from another device.
- The Central Bank has directed banks and payment organizations, based on their risk management policies, to ensure the possibility of electronic payments through mobile applications for minors.
- It is also prescribed to maintain additional identification mechanisms for high-risk operations.
- It is reported that in the near future, minors will be able to fully use their bank cards through mobile applications.
Context
- Expanding teenagers’ access to banking services requires simultaneous strengthening of cybersecurity measures.
- The introduction of biometrics has become part of a nationwide policy to protect users from financial fraud.
