This App Allows Parents to Monitor a Child's Spending Habits
Katherine Pendrill — January 20, 2016 — Tech
'Pouch' is a kid-friendly banking app that makes it easy for parents to monitor a child's spending habits. As financial transactions become increasingly digital, many parents are thinking about how to instill good spending habits early on. This app makes it easier for parents to teach financial literacy by giving them control over their child's funds.
Pouch functions as a kid-friendly banking app and as a prepaid debit card. Parents can distribute pocket money at any time simply by adding funds to the card. Parents can then monitor a child's spending habits by checking the balance and the transaction history in real-time. These parental controls allow parents to introduce children to healthy spending habits in small and incremental ways.
The app ultimately gives children the power to spend and save independently, while giving parents the security of knowing they can step in at any time.
Pouch functions as a kid-friendly banking app and as a prepaid debit card. Parents can distribute pocket money at any time simply by adding funds to the card. Parents can then monitor a child's spending habits by checking the balance and the transaction history in real-time. These parental controls allow parents to introduce children to healthy spending habits in small and incremental ways.
The app ultimately gives children the power to spend and save independently, while giving parents the security of knowing they can step in at any time.
Trend Themes
1. Digital Financial Literacy for Kids - Opportunity for fintech companies to create kid-friendly financial literacy apps to teach children money management skills early on in life.
2. Prepaid Debit Cards for Children - Opportunity for financial institutions to create prepaid debit cards specifically designed for children, allowing parents to monitor and control their spending habits.
3. Real-time Transaction Monitoring - Opportunity for financial institutions to provide real-time transaction monitoring in order to give parents more control over their children's spending habits.
Industry Implications
1. Fintech - Fintech companies can create digital financial literacy apps for kids and prepaid debit cards to cater to this growing demand for kid-friendly banking apps.
2. Finance - Financial institutions can capitalize on the trend of kid-friendly banking apps by offering prepaid debit cards designed specifically for children and incorporating real-time transaction monitoring.
3. Education - Opportunity for educational institutions to partner with financial institutions to teach financial literacy and money management skills to children through these kid-friendly banking apps.
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