SOURCE: Socialwise, Inc.

Socialwise, Inc.

February 26, 2010 09:30 ET

BillMyParents Launches Version 2.0 of Its Online Teen and Parent Payment Solutions Site

BillMyParents Significantly Upgrades Its Teen Payment Solutions Website to Enhance Usability, Functionality and Introduces Its MasterCard® Prepaid Card With Innovative Parent Control Features

SAN DIEGO, CA--(Marketwire - February 26, 2010) -  Socialwise, Inc. (OTCBB: SCLW) announced the release of version 2.0 of its online teen payment solutions site, BillMyParents. BillMyParents has significantly upgraded its previous capabilities giving teens the freedom to shop online (subject to parent-directed controls) and has added a MasterCard® prepaid card payment solution that can be used for purchases everywhere MasterCard® is accepted. In addition to removing obstacles to online commerce (cited by 40% of teens surveyed), BillMyParents' prepaid card solution removes the hazards associated with carrying cash. BillMyParents also maintains parents' credit card numbers and other personal information securely, and offers the following unique advantages:

  • Complete parental visibility of teen account activity through immediate text notification of card purchase activity;
  • Parental ability to instantly freeze and unfreeze a card;
  • Low card-related costs including no purchase transaction fees; and
  • Parental ability to transfer emergency funds in real time to a teen's card.

James Collas, CEO of Socialwise, commented, "With the addition of the MasterCard® prepaid card feature to BillMyParents, we have rounded out our capabilities to extend our teen payment and parental control system to both online and offline purchases. In addition to the significant upgrades to our existing online Supervised Shopping™ solution, we are excited to give families heretofore unavailable financial control solutions that enhance security and promote responsible teen financial behavior."

Mr. Collas continued, "Recently enacted credit card legislation exposes parents to potentially substantial liabilities incurred by cardholders under the age of 21. Our newly added MasterCard® prepaid card solution eliminates this danger with the control it gives to the parent over card activity. Combined with ridding the cardholder of the risks inherent in carrying cash and the elimination of overdraft fees, we have a first-rate teen financial security solution to bring to market."

About BillMyParents
BillMyParents provides payment solutions targeted to young people between the ages of 8 and 21. Our solutions include both Supervised Shopping™ and our MasterCard® prepaid card with options ranging from giving parents complete control over purchases to simply monitoring purchase transactions. Our solutions facilitate communication between parents and young people and help teach financial responsibility. For more information: www.billmyparents.com.

About Socialwise, Inc.
Socialwise™, Inc. (OTCBB: SCLW) is headquartered in San Diego, CA. For more information: www.socialwise.com.

Certain statements contained in this press release are "forward-looking statements" within the meaning of federal securities laws, including, without limitation, anything relating or referring to future financial results and planned business activities. Such statements are inherently subject to risks and uncertainties, which include, without limitation, those in Company reports filed with the SEC. The Company can give no assurance that such expectations will prove correct. Future events and actual results could differ materially from those statements.

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