These Five Apps, Smart Cards Can Teach Your Kids Money Management Skills
New Delhi: Technology has become an indispensable part of our daily lives, with most of us relying on mobile apps and gadgets to simplify our work. In such a case, it is important that our children learn money management skills using mobile apps and smart cards. Here are five such mobile applications, smart cards, according to a AND Wealth report, which can help your kids learn important money lessons.
This app offers a numberless card, known as FamCard, which offers cashless facility for teens. It is a debit card that minors can use to make payments online (UPI & P2P) and offline without a bank account. Co-founded in 2019 by IIT Roorkee graduates Kush Taneja and Sambhav Jain, it is available for Android and iOS devices. The card does not have a number as all the details are recorded on the app, so teens don’t have to refer to the physical card and there is no fear of information theft in case of theft or loss. In the event of theft, the card can be paused, blocked and managed via the app.
For offline transactions, FamCard has a Flash PIN code, which is generated for each transaction. Parents can send their kids money on the app and control how much they spend. They can also create a FamPool account, which is a group account for the family, and can track where the money is spent. The account has a zero balance and there are no hidden charges or transaction fees.
Junio is a children’s smart card and app that enables children under the age of 18 to make purchases online and offline. Co-founded by former Paytm Senior Vice President Shankar Nath and Ankit Gera, it is based on the concept of pocket money. To use this card, a child does not need a bank account, and parents can set limits for online spending and ATM cash withdrawals, so children can only spend the amount loaded on the card. card.
The card has a limit of Rs 10,000 per month with a minimum KYC, while Rs 5,000 is the daily limit for the Junio card. A full KYC can transfer up to Rs 1 lakh per month. The app also gives real-time notifications when the child is using the card and you can track spending. You can also create tasks in the app for them and give the children a reward in the form of extra pocket money. He teaches children lessons on money management and the concepts of savings, interest and capitalization.
Among the first companies to launch the concept of prepaid cards for children in India, in 2010, Slonkit was co-founded by Javed Tapia and Murad Naithani. It is a rechargeable prepaid Visa card linked to the mobile application, which allows parents to give a monthly allowance to children. Available on Android and iOS, the app helps parents transfer money instantly, create budgets, set transaction limits, create guide rails, analyze child spending in all areas. categories, set alerts and daily spending limits. Parents can add a maximum of Rs 10,000 per month to the Slonkit card. If the card is lost or stolen, it can be suspended with one click.
Like Fampay, Fyp is a numberless payment and prepaid card app for teens, with which they can make online and offline payments without creating a bank account. India’s first holographic map, it comes with a one-click blocking feature on the Fyp app. Founded by Kapil Banwari, it works in association with YES Bank and Visa and aims to help teenagers learn financial management and concepts. Teens can complete the onboarding process using the Aadhaar Card for KYC. Parents can track the child’s spending on Fyp and receive real-time alerts over the phone whenever an expenditure is made. If the card is lost or stolen, it will be locked through the app.
One can also order a physical prepaid card for offline transactions via a one-time subscription fee.
With Fyp, teens can not only learn budgeting, saving, and spending decisions, but through its gamification features, learn money management concepts. With the “Missions” feature, parents can assign chores and daily chores to children to help them develop good financial habits.
Pencilton offers a virtual and physical RuPay debit card, PencilCard, to teens and students to help them manage their spending while learning money management. The app allows parents to give kids pocket money, while keeping track of their spending and teaching them real money skills. Founded by Hyderabad-based technicians Vishwajit Pureti, Ashish Singh, Pallavi Tipparaju, and Viraj Gadde, the card can be activated and managed through the Pencilton app.
Kids can set savings goals, get transaction analysis, and daily spending alerts. Certain categories that are not suitable for children, such as not withdrawing cash, are blocked. Parents can also post activities, such as finishing homework, that can help children earn more. In addition, Pencilton Piggy Bank and Pencilton Tasks & Badges help instill good financial habits in children.