PayPal card lets parents track student spending

Online payments firm PayPal is offering US students a new service that links a PayPal-branded MasterCard to their parents' PayPal account. The Student Accounts service is designed to allow parents to track spending and provide extra funds to their student offspring as required.

PayPal says the new service, launched on Tuesday, not only removes the need for an overdraft or specific bank account, but also allows young people to familiarise themselves with handling finances.

For the full story on PayPal's new Student Accounts service, visit CNET News.com.