Digital pocket money: Top 5 smart cards, apps that can help children learn money management skills.

Here are some smart cards and apps for kids to shop around and make spending decisions while learning finance and management skills.
 

 1) Fampay
        Fampay offers a cashless spot for teens with a number card, FamCard. Debit card that kids can use to make online payments (UPI & P2P) and not work without a bank account. Founded in 2019 by IIT Roorkee graduates, Kush Taneja and Sambhav Jain, it is available on both Android and iOS devices. The card has no numbers on it as all the details are stored in the app, so teens do not have to refer to the physical card and there is no fear of information theft in the event of theft or loss. If stolen, the card can be suspended, blocked and managed by the app. For offline activities, FamCard has a Flash PIN, which is generated on all transactions. Parents can send money to their children in the app and control the amount they spend. They can also create a FamPool account, which is a family group account, and they can track where the money is being spent. The account is a zero balance and there are no hidden fees or operating costs.

2) Junio                                                                                                                                                                                
       Junio ​​is a smart child-focused card and app that allows children under the age of 18 to shop online and offline. Compiled by former Paytm Vice President Shankar Nath and Ankit Gera, based on pocket money ideas. By using this card, the child does not need a bank account and parents can set limits on internet costs and ATM withdrawals, so that children can use only the amount uploaded on the card. The card has a limit of Rs 10,000 per month for a small KYC, while Rs 5,000 is a daily limit for a Junio ​​card. Complete KYC allows a person to transfer up to Rs 1 lakh per month. The app also provides real-time notifications when a child is using the card and you can track spending. You can also create in-app activities and give kids a reward in the form of extra pocket money. It teaches children lessons about money management and the concepts of savings, interest and integration.

3) Slonkit
     Among the first companies to introduce the concept of prepaid cards for children in India, in 2010, Slonkit was co-founded by Javed Tapia and Murad Naithani. A pre-paid prepaid Visa card connected to the mobile app, which allows parents to give their children a monthly fee. Available on Android and iOS, the app helps parents to transfer money quickly, budget, set activity limits, build guide rails, analyze child spending on all stages, set warnings and daily spending limits. Parents can add up to 10,000 maximum per month to the Slonkit card. If a card is lost or stolen, it can be stopped with a single click.

4)Pencilton
   Pencilton offers a real and authentic RuPay bank card, PencilCard, for teens and students to help them manage their expenses while learning to manage money. The app allows parents to give children pocket money, while tracking their expenses and teaching real-life financial skills. Developed by techies of Hyderabad, Pureti, Ashish Singh, Pallavi and Viraj Gadde, the card can be activated and managed through the Pencilton app. Children can set goals to save, receive performance reviews, and warnings to spend every day. Some categories that are not suitable for children, such as non-cash, are banned. Parents can also send out tasks, such as finishing homework, which can help children get more involved. In addition, Pencilton Piggy Bank and the Pencilton Tasks & Badges help to inculcate good financial practices in children.

5)  Fyp
   Like Fampay, Fyp is a payment app and prepaid card with no teen number, with which I can make online and offline payments without having to set up a bank account. India's first holographic card, comes with the onetap block feature in the Fyp app. Founded by Kapil Banwari, it works in partnership with YES Bank and Visa and aims to help young people learn financial management and mindset. Teens can complete the ride process with the help of Aadhaar KYC card. Parents can track a child's expenses on Fyp and receive real-time alerts on the phone whenever costs are incurred. If the card is lost or stolen, it is locked by the app. One can also order a prepaid mobile card to make it offline with one-time subscription payments. With Fyp, teens can not only learn how to budget, save, and make cost decisions, but through their gamification features, they learn the basics of managing money. Using the ‘Mission’ feature, parents can assign children tasks and daily tasks to help them develop good financial habits.