Osper Allows Parents to Empower Children with a Sense of Financial Freedom
Rahul Kalvapalle — July 4, 2014 — Life-Stages
References: osper & thenextweb
Osper is a mobile-only banking service targeted towards the youngest millennials -- teenagers and children aged 8 and over. The app aims to teach young people financial responsibility and empower them with a sense of financial freedom.
The Opser service consists of a MasterCard prepaid debit card that is accompanied with a mobile app that allows parents and their children to log in separately. The service is designed so that parents can transfer financial responsibility to their children. Instead of simply handing over cash or lending their own credit card, parents can get their kids to use their Osper card for in-store purchases, ATM cash withdrawals and online purchases.
All the transactions are tracked by the Osper app. Since the service is prepaid, users can only spend as much as they have, helping them better understand the value of money and the importance of financial planning.
The Opser service consists of a MasterCard prepaid debit card that is accompanied with a mobile app that allows parents and their children to log in separately. The service is designed so that parents can transfer financial responsibility to their children. Instead of simply handing over cash or lending their own credit card, parents can get their kids to use their Osper card for in-store purchases, ATM cash withdrawals and online purchases.
All the transactions are tracked by the Osper app. Since the service is prepaid, users can only spend as much as they have, helping them better understand the value of money and the importance of financial planning.
Trend Themes
1. Mobile-only Banking - The trend of mobile-only banking services targeted towards younger age groups presents an opportunity for disruption in the banking industry.
2. Financial Education for Young People - There is a growing trend of financial education services aimed at young people, which represents an opportunity to disrupt traditional financial education practices.
3. Prepaid Debit Cards for Kids - The trend of prepaid debit cards for kids presents a new market and an opportunity to innovate and disrupt traditional payment methods for children.
Industry Implications
1. Banking - Osper's mobile-only banking service for kids presents a disruptive opportunity in the banking industry, particularly for traditional brick-and-mortar banks.
2. Financial Education - The trend of financial education for young people presents disruption opportunities for traditional educational institutions and financial service providers alike.
3. Payment Processing - The trend of prepaid debit cards for kids presents disruption opportunities for traditional payment processing companies as well as banks and financial institutions.
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