These five apps, smart cards can teach your children money management skills

These five apps, smart cards can teach your children money management skills

New Delhi: Technology has become an indispensable part of our day-to-day life with most of us depending on mobile apps and gadgets to make our work simple. In such a case it is important for our children to learn money management skills using mobile apps and smart cards. Here are five such mobile apps, smart cards, according to an ET Wealth report, that can help your children learn important money lessons.

FAMPAY

This app offers a numberless card, known as FamCard, that offers cashless facility to teenagers. It is a debit card that minors can use to make online (UPI & P2P) and offline payments without a bank account. Cofounded in 2019 by IIT Roorkee graduates, Kush Taneja and Sambhav Jain, it is available for both Android and iOS devices. The card has no numbers on it as all the details are saved on the app, so the teens don’t have to refer to the physical card and there’s no fear of information theft in case it gets stolen or lost. If it gets stolen, the card can be paused, blocked and managed through the app.

For offline transactions, FamCard has Flash PIN, which is generated for every transaction. Parents can send money to their kids on the app and control the amount 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 is zero balance and there are no hidden charges or transaction costs.

JUNIO

Junio is a kid-focused smart card and app that lets children below 18 years to make online and offline purchases. Co-Founded by former Paytm Senior Vice President Shankar Nath and Ankit Gera, it is based on the concept of pocket money. For using this card, a child does not need a bank account and parents can set online expenditure and cash withdrawal limits from the ATM, so that kids can only spend the amount loaded on the card.

The card has a limit of Rs 10,000 per month with a minimum KYC, while Rs 5,000 is the daily limit on the Junio card. A full KYC enables one to transfer up to Rs 1 lakh a month. The app also gives real-time notifications when the child uses the card and you can keep track of the spending. You can also create in-app tasks for them and give children a reward in the form of extra pocket money. It teaches kids lessons about money management and the concepts of savings, interest and compounding.

SLONKIT

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 reloadable prepaid Visa card linked to the mobile app, which allows parents to give a monthly allowance to kids. Available on Android and iOS, the app helps parents transfer money instantly, create budgets, set transaction limits, build guide rails, analyse the child’s spend across categories, set alerts and daily spend limits. Parents can add a maximum of Rs 10,000 a month to the Slonkit card. If the card is lost or stolen, it can be suspended in one click.

FYP

Like Fampay, Fyp is a payment app and a numberless prepaid card for teenagers, with which they can make online and offline payments without setting up a bank account. India’s first holographic card, it comes with a onetap block feature on 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. Teenagers can complete the onboarding process with the help of Aadhaar card for KYC. Parents can keep track of the child’s expenditure on Fyp and get real-time alerts on phone every time an expense is made. If the card is lost or stolen, it and be locked through the app.

One can also order a physical prepaid card for offline transactions via one-time subscription fees.

With Fyp, teens can not only learn budgeting, saving and making expenditure decisions, but through its gamification features, learn money management concepts. Using the ‘Missions’ feature, parents can assign tasks and daily chores to kids to help them build good financial habits.

PENCILTON

Pencilton offers virtual and physical RuPay debit card, PencilCard, to teenagers and students to help them manage their expenses while learning money management. The app lets parents give pocket money to kids, while keeping track of their expenses and teaching real-life money skills. Founded by Hyderabad-based techies, Vishwajit Pureti, Ashish Singh, Pallavi Tipparaju, and Viraj Gadde, the card can be activated and managed via the Pencilton app.

Children can set saving goals, get analysis of transactions, and daily spend alerts. Some categories not suitable for kids, such as no cash withdrawal, are blocked. Parents can also post activities, such as finishing homework, which can help kids earn more. Besides, Pencilton Piggy Bank and Pencilton Tasks & Badges help inculcate good financial habits in kids.

Source:-timesnownews

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