Will you give your 8 year old kid a debit card?
This, according to retailers is the new way that 8 – 16 year olds will spend their pocket money.
This simple to use debit card aims to help children save or spend their money on toys.
The card provided is a contactless pre-paid Visa debit cart called PktMny. With just one online account parents can automatically feed separate accounts for each child, who would each have their own personal pin number and pre-paid card.
Parents will be able to set up regular automatic pocket money transfers and make one off top up payments. You choose how much, how often and where the money can be spent on the high street, online or get cash from a cash machine.
This useful addition to kids spending allows parents to add pocket money to their account and allows them to set controls on where and how much can be spent.
The system is “designed to help children take their first steps into managing their own money in a safe environment, that makes saving and spending visible and engaging for families”.
The PKTMNY Shop, integrated within the platform, offers families access to “carefully selected, age appropriate retailers” including The Entertainer, Superdry, Hamleys, New Look, Zaavi and more.
Kids no longer need to carry cash; can never become overdrawn and can check their account by using a mobile app.
Charges for this service are £1.97 per child per month, there is no joining fee, cash withdrawals are free in the UK and there is no charge to load funds into the parent account using a standing order or a bank transfer
The company also plans to develop a system that will give families access to special offers and discounts.
Do you think the prepaid PktMny Visa Debit Card is the way forward for kids spending? Let us and other know your thoughts below.