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Special debit cards, scan-and-pay apps for students between 10-18 years age now
Hyderabad: The pandemic has changed many things including the way people spend. Pocket money, as a concept, too has undergone a change to be given, taken and spent digitally. There are a range of prepaid cards and apps that exclusively cater to the children aged between 10 and 18 years and they do not need […]
Hyderabad: The pandemic has changed many things including the way people spend. Pocket money, as a concept, too has undergone a change to be given, taken and spent digitally. There are a range of prepaid cards and apps that exclusively cater to the children aged between 10 and 18 years and they do not need one to open a traditional bank account. These cards need to be topped up. These are mainly useful for making payments online as well as to make in-store payments.
These have security features that allow blocking the cards via apps. Using these, the children can learn about money management aspects like budgeting, prioritising spends and analysing expenses. The KYC is done using the Aadhaar of the parent or the guardian. The physical cards are without any numbers and ensure there is no misuse even if they are lost or stolen. Again, the cards can be operated via the corresponding apps. Parents can keep an upper limit on spending apart from getting real time notifications of expenses happening through the platforms.
For instance, city-based Pencilton partnered with Saraswat Bank to offer PencilCards to teenagers. These cards are compliant with RBI regulations and guidelines. The virtual card is free while the physical Rupay debit card will costs Rs 199. The cards can be managed, including blocking, via the Pencilton app, which also runs challenges that teach children personal finance concepts. Categories unsuitable for kids are blocked for transactions. No cash withdrawal is allowed. These will be accepted at all places where Rupay products are honoured.
Wide choice
IDBI Bank Kids Debit Card This is designed for the youngest segment of its customers. Customers are covered with an insurance cover up to Rs 8,000 for lost and counterfeit cards. However, there should be a minimum of two purchase transactions using the debit card in the last three months prior to the event date. The purchase limit is Rs 2,000 in a day. There will be loyalty points and discounts at merchant establishments. The Kids Debit Card is only issued to children in the age group of 10 to 18 years.
Junio
Fintech company Junio launched a pocket money smart card Junio for children. The card can be used online and for in-store transactions. The app has seen more than five lakh downloads and this too promotes financial understanding among the children.
Fyp
Fyp is a payment app and a prepaid card for teenagers. It works in association with YES Bank and Visa. One can also subscribe to aphysical prepaid card for offline transactions. This too does not have any numbers on it. One can receive money from parents/ guardians via UPI id or Fyp transfer.
Fampay With FamPay and its numberless prepaid card, minors can successfully make online and offline payments without the need to set up a bank account. FamPay is a marketing and distribution partner of IDFC FIRST Bank Prepaid Card and FamCard is a co-branded prepaid numberless card issued by IDFC FIRST Bank. One can also place an order for a physical card at Rs 99 onwards and offers personalised cards. The prepaid account is loaded by parents. and there are no minimum account obligations.
Slonkit Slonkit is a reloadable prepaid VISA card linked to the Slonkit mobile app. One can transfer small sums instantly, create budgets, analyse the spend across categories, set daily spend limits and use it as a tool to learn smarter money management.
Convenient but parents should exercise caution
Transacting has become easy through payment apps and cards. But as far as children are concerned, there needs to be adult oversight. Digital payment crimes have increased in the recent years, and parents should take the time to understand the information-security issues not just for their kids but also for themselves, said Pankaj Bansal, Chief Business Officer, BankBazaar.com
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