Curbing your spending on unnecessary things can be a difficult task in modern society. Thankfully, Barclays is rolling out a new mobile banking feature that lets users block debit cards from working at pubs, bars, and casinos. Available to clients in the UK, this feature is the first of its kind in the country and will hopefully give customers the option to take greater control over where their money is spent. Through the feature, customers can block debit cards from supermarkets, restaurants, pubs and bars, gas stations, gambling establishments, and premium rate websites.
According to Barclays, the ability to block debit cards feature was designed with mental health advisers to help vulnerable people manage their finances. All of the blocked industries were chosen by Barclays after working with the Money and Mental Health Policy Institute.
Debit-Blocking Features
Barclays Now Lets Users Block Debit Cards From Certain Industries
Trend Themes
1. Debit-blocking - Rolling out a new mobile banking feature that lets users block debit cards from working at pubs, bars, and casinos provides an opportunity for other banks to create similar features.
2. Mental Health Banking - Implementing features designed in conjunction with mental health advisers provides an example for other banks to prioritize mental health in their banking services.
3. Personalized Spending Controls - Offering customers personalized options to control where their money is spent provides an opportunity for other banks to offer similar services.
Industry Implications
1. Banking - Barclays is leading the way in providing innovative banking features that can set an example for other banks to follow.
2. Mental Health Services - The collaboration with the Money and Mental Health Policy Institute provides an opportunity for other mental health services to partner with financial institutions to create personalized solutions.
3. Consumer Finance - Personalized spending controls can offer opportunities for other consumer finance companies to provide increased control and transparency for their customers.