A NEW banking app helps limit spending on the likes of gambling and drinking.
Barclays claims the tool is “a better way to manage money in a simple and secure way”.
Getty – Contributor
Barclays said it has developed the tool to turn off certain types of spending with vulnerable customers in mind[/caption]
A feature within the app lets people choose the types of retailers they are able to spend with.
The system is available for all account holders but it was devised with vulnerable customers in mind.
It is heralded as an aid to assist people struggling with addictions by putting them more in control of their finances.
Users can block their own cards from certain types of spending.
The new feature will be available to credit card holders in the near future[/caption]
Attempted payments within “turned off” categories will be declined.
The feature is available to the bank’s debit card customers but will be rolled out to credit card holders.
Barclays used research from the Money and Mental Health Policy Institute, set up by consumer champion Martin Lewis.
He said: “Mental health and debt is a marriage made in hell.”
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The app can block spending on groceries, takeaways, pubs and bars, petrol, premium rate websites and phonelines, and gambling sites and bookies.
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