We don’t think twice before spending our hard-earned money for the betterment of our family and especially our kids. From providing a comfortable lifestyle to educating them from top-notch institutions and giving them all the luxury we can afford, we tend to do it all. How about now we think of imparting some sense of financial literacy to our younger generation to make them ready for the future and independent in making monetary decisions? As long as you are familiar with the usage of online banking, then you can quickly check the features and benefits of banks that provide a debit card for children.
It may sound like a little extra pampering from your side, but teaching your kids to manage their money and learn the concept under your supervision should be the primary goal of providing your children with bank accounts and debit cards. Some banks legally offer bank accounts to young children under parental control, and some emerging fintech companies have come up with the option of prepaid cards for kids.
Let us understand a few ways in which you can take a step towards financial freedom for your growing but not grown offspring:
Start by issuing pocket money card because this concept of giving prepaid cards by some fintech companies has made your work much more accessible because, with this application-based card, the control is in your hands, i.e. your smartphone. Let’s see the options we have in this category:
- Junio app enables you to upload money for your kids on the app, and your child can use it either with a virtual or a physical card. Some amount needs to be paid for ordering physical cards. The daily limit for the expenses is five thousand rupees, while the monthly limit is ten thousand rupees. The best part is that you receive a notification alert every time they make a transaction, and you can also set up the pocket money on a weekly or monthly basis.
- FamPay is another popular prepaid card for young individuals. The numberless card uses end-to-end encryption and follows a two-way verification method. It is widely accepted on major shopping portals like Amazon, Swiggy, Netflix, etc.
- YPay is another pocket money app controlled easily from your smartphone, children don’t even require a bank account for this, and it is a fantastic service for kids who stay away from their parents. Money can be transferred to them anytime, anywhere, and parents can also track the expenses as well as monetary limits can also be imposed.
Apart from providing prepaid card options, some banks have gone further to empower minors by owning their independent bank accounts. So that they are well-versed in the habit of managing their money and understanding the importance of savings by the time they are ready to make their own money. We only need a smartphone with a functional payment app that can be linked to all our bank accounts and the prepaid cards mentioned above.