Some cards and apps help children learn to make their own spending decisions and money management skills.
Junio
Junio is a children-based app and card helping kids below 18 years make offline and online purchases.
To use this card, a child does not need to have a bank account. Parents can set withdrawal and online expenditure limits so that children spend the loaned amount on the card. The monthly limit of the card is ₹ 10,000 with a minimum KYC. The daily limit is ₹ 5,000. A full KYC allows one to transfer 1 lakh monthly.
The app allows parents to track the spending of the kids through real-time notifications. One can create in-app tasks and provide a reward to the kids as extra pocket money.
Junio teaches kids about interest, compounding, savings, and money management.
Fampay
Fampay is a numberless card for teenagers that provides a cashless facility. It allows teenagers to make online (like UPI) and offline payments without having a bank account.
It is an app that is available on both iOS and Android devices. The teens do not get a physical card which avoids the fear of information theft if it gets lost. The card has no numbers as all the data gets saved on the app.
There is Flash PIN for offline transactions that get generated for every transaction. Parents can track the amount spent by their kids, have control over their transactions, and send money through the app.
There are no hidden or transaction charges with a zero balance facility.
Slonkit
Slonkit revolves around the concept of prepaid cards in India. It is a reloadable prepaid card that allows parents to give a monthly allowance to their kids. It is a prepaid Visa card linked to the mobile app.
It helps parents set budgets and transaction limits, transfer money instantly, analyze child’s spending across categories, set daily limits and alerts.
The maximum limit is ₹ 10,000 per month. One can suspend the card in one click if it gets stolen or lost.
Fyp
Fyp, similar to Fampay, is a numberless card that allows making payments without any bank account for teenagers. It is India’s first holographic card with one tap block feature.
It has tied up with Yes Bank and Visa, aiming to help teenagers learn about financial management and concepts. The teenagers need to complete the KYC process with the help of an Aadhar Card.
Parents can track the transactions of their kids and get real-time alerts on a mobile phone. One can pay a subscription fee to get a physical prepaid card for offline transactions.
Teens learn to budget, save, and make expenditure decisions through the app’s gamification features. Parents can use the ‘Mission’ feature to set tasks for kids to build good financial habits.
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