CHILDREN LEARN HOW TO BUDGET USING A DEBIT CARD LINKED TO A SMARTPHONE

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A hassle-free debit card for teens system makes parents and children’s lives easier

Osper is a UK based prepaid debit card designed to be used by kids aged 8 to 18. The debit card for teens is linked to a smartphone application with portals for both parents and children. By using the Osper mobile app, parents can, among other things, schedule periodical pocket money transfers to their children. The children are notified of these transfers on their mobiles. They can then use the Osper debit card like any other debit card, to make in store payments, online and mobile purchases, and ATM withdrawals. The children are given autonomy and this teaches them how to spend, save, and budget for big purchases. This tool teaches them how to manage money, a valuable life lesson often skipped in school curriculums.

To view a summary of their accounts, children can then log into the mobile application and review their balances. Through a separate login, parents also use the application to see where exactly their children are spending their money. For additional practicality, parents can use the application to transfer money to their kids for emergencies and lock the card in case it is lost. All this is done via their smartphones.

Money management is a priceless skill and Osper has devised a brilliant way to help parents teach it to children. Do you think such a concept would work in Abu Dhabi?

 

 

 

Tags

applicationchildrenmobileMoney managementparentspocket moneyprepaid debit cardsmartphoneteachteachingtransfer

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