June
Junio ​​focuses on kids smart card And the app that lets kids under 18 shop online and offline. Co-founded by Shankar Nath and Ankit Gera, former senior vice presidents of Paytm, it is based on the concept of pocket money, To use this card, a child does not need a bank account and parents can set online spending and cash withdrawal limits from ATMs, so that the child can spend only the amount loaded on the card . The card with minimum KYC limit is `10,000 per month, while `5,000 is the daily limit on the Junio ​​card. A complete KYC enables the individual to transfer up to `1 lakh per month. The app also gives real-time notifications when the child uses the card and you can keep track of the expenses. You can even create in-app tasks for them and reward kids as extra pocket money. It teaches children a lesson about money management and the concepts of savings, interest and compounding.
fan
Fampay offers cashless facility with FamCard, a numberless card for teenagers. It is a debit card that can be used by minors to make online (UPI and P2P) and offline payments without having a bank account. Founded in 2019 by IIT Roorkee graduates, Kush Taneja and Sambhav Jain, it is available for both Android and iOS devices. There is no number on the card as all the details are saved on the app, so teens don’t have to mention the physical card and there is no fear of information being stolen in case it gets stolen or lost. If it is stolen, the card can be intercepted, blocked and managed through the app. For offline transactions, the FamCard contains a Flash PIN, which is generated for each transaction. Parents can send money to their kids on the app and control the amount they spend. They can also create a FamPool account, which is a group account for the family, and track where the money is spent. The account is zero balance and has no hidden fees or transaction costs.
slonkit
Slonkit was founded by Javed Tapia and Murad Naithani, among the first companies to launch the concept of prepaid cards for children in India. It is a reloadable prepaid Visa card linked to the mobile app, which allows parents to pay a monthly allowance to children. Available on Android and iOS, the app helps parents transfer money quickly, create budgets, set transaction limits, create guide rails, analyze child spending across categories, alerts and set daily spending limits does. Parents can add a maximum of `10,000 per month to the Slonkit card. If the card is lost or stolen, it can be suspended in one click.
of five year plan
Like Fampay, Fyp is a payment app and a numberless prepaid card for teenagers, with which they can make online and offline payments without opening a bank account. India’s first holographic card, it comes with onetap block feature on the Fyp app. Founded by Kapil Banwari, it works in collaboration with Yes Bank and Visa and aims to help teenagers learn financial management and concepts. Kishor can complete the onboarding process for KYC with the help of Aadhar card. Parents can keep track of child’s spending on FYP and get real-time alerts on phone every time they spend. If the card is lost or stolen, it is locked through the app. One can order a physical prepaid card for offline transactions through a one-time subscription fee. With Fyp, teens can not only learn how to budget, save and make spending decisions, but through its simplification features, learn money management concepts. Using the ‘Mission’ feature, parents can assign tasks and daily tasks to children to help them form good financial habits.
pencilton
Pencilton offers virtual and physical RuPay Debit Card, Pencil Card to help teenagers and students manage their expenses while learning money management. The app lets parents keep track of their expenses and give pocket money to kids along with teaching money skills in real life. Founded by Hyderabad-based techies, Pureti, Ashish Singh, Pallavi and Viraj Gadde, the card can be activated and managed through the Pencilton app. Kids can set savings goals, get transaction analysis, and receive daily expense alerts. Some categories that are not suitable for children, such as no cash withdrawals, are blocked. Parents can also post activities like finishing homework, which can help kids earn more. In addition, Pencilton Piggy Bank and Pencilton Tasks and Badges help inculcate good financial habits in children.