Volume 7 Smart Choices Image Cards : A Real

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Technology has become an indispensable part of our day-to-day life with most of us depending on thiết bị di động apps & gadgets to make our work simple. In such a case it is important for our children lớn learn money management skills using thiết bị di động apps and smart cards.

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

FAMPAY

This ứng dụng offers a numberless card, known as FamCard, that offers cashless facility lớn teenagers. It is a debit card that minors can use to lớn make online (UPI & P2P) and offline payments without a bank account. Cofounded in 2019 by IIT Roorkee graduates, Kush Taneja và Sambhav Jain, it is available for both Android and iOS devices. The thẻ 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 và there’s no fear of information theft in case it gets stolen or lost. If it gets stolen, the thẻ can be paused, blocked & managed through the app.


For offline transactions, FamCard has Flash PIN, which is generated for every transaction. Parents can send money khổng lồ their kids on the app & control the amount they spend. They can also create a FamPool account, which is a group trương mục for the family, and can track where the money is spent. The trương mục 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 lớn make online và 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 và cash withdrawal limits from the ATM, so that kids can only spend the amount loaded on the card.

The thẻ 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 lớn transfer up to Rs 1 lakh a month. The phầm mềm also gives real-time notifications when the child uses the card và you can keep track of the spending. You can also create in-app tasks for them và give children a reward in the khung of extra pocket money. It teaches kids lessons about money management & the concepts of savings, interest & compounding.

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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 & Murad Naithani. It is a reloadable prepaid Visa card linked to the thiết bị di động app, which allows parents to lớn give a monthly allowance to kids. Available on Android & iOS, the phầm mềm helps parents transfer money instantly, create budgets, mix transaction limits, build guide rails, analyse the child’s spend across categories, set alerts and daily spend limits. Parents can địa chỉ cửa hàng a maximum of Rs 10,000 a month khổng lồ the Slonkit card. If the thẻ 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 & aims lớn help teenagers learn financial management và 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 và get real-time alerts on phone every time an expense is made. If the thẻ 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 & 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 khổng lồ help them build good financial habits.

PENCILTON

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

Children can set saving goals, get analysis of transactions, & 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 ngân hàng and Pencilton Tasks và Badges help inculcate good financial habits in kids.