6 Fintech Apps for Teens for Making a Smarter Choice on Money Management

According to many youngsters, cash payments from parents are neither convenient nor always practical. Prepaid wallets were a good alternative for many parents who wanted to give their children greater freedom while being able to establish restrictions. Recent times see a  new wave of fintech sites launching full-fledged debit programs for minors, with monthly transactions totaling millions of dollars. 

In this era of ever-increasing expenses, it is critical for everyone, from youngsters to adults, to keep track of their revenues and their investments, but keeping track is essential for better money management. 

Hence, here are the top 6 applications for teens to independently make their own purchases, aid them in streamlining their expenses and spend money while learning about money management 

  1. Akudo

Akudo is India’s first Ed-Fintech Neo Bank for Teenagers, with a mission to help raise generations of money-savvy young Indians by providing engaging content and personalized insights to assist them in beginning their journey toward financial independence.

Akudo imparts an ideal balance of financial independence and parental guidance. It provides the teen with financial freedom but within a limit. Founded in 2020 by Sajal Khanna and Lavika Agarwal, Akudo has excelled in various ways, with its recent achievement of registering 1 million-plus members on its platform standing as proof of the same.

With over a million registrations and a loyal customer base, akudo is leading the way in India for learning first banking by introducing teens to banking and assisting them in developing healthy spending and saving habits. In addition to that, it has a rewarding program that helps engage teenagers to go the extra mile.

  1. Junio

Junio is a smart card and app for children under 18 that allows them to make online and offline transactions. With it, your child can play and learn how to earn, spend, and save while you keep a close eye on their spending. In addition, it is pretty simple to order, and there is no need to complete a full KYC for the physical card.

It is built on the notion of pocket money and was co-founded by former Paytm Senior Vice President Shankar Nath and Ankit Gera. A child does not require a bank account to use this card, and parents may set online spending and ATM cash withdrawal limitations so that children can only spend the amount deposited on the card. 

  1. Fampay

With FamCard- a numberless card, Fampay provides a cashless option for teenagers. Instead, it’s a debit card that kids can use to make online and offline transactions without a bank account. 

The card doesn’t have any numbers on it because all of the information is recorded on the app, so the kids don’t have to refer to the physical card, and there’s no risk of data theft in case stolen or lost. In addition, the card can be halted, blocked, and managed using the app itself if it is stolen or lost.

Fampay was co-founded in 2019 by Kush Taneja and Sambhav Jain, both IIT Roorkee grads and is accessible on both Android and iOS devices. It is also partnered with IDFC FIRST Bank Prepaid Card’s marketing and distribution.

  1. Slonkit

Slonkit was one of the first companies in India to introduce the concept of prepaid cards for children. It’s a reloadable prepaid Visa card with a mobile app that allows parents to offer their children a monthly stipend. 

The software, available for Android and iOS, allows parents to transfer money immediately, create budgets, set transaction limits, build guide rails, analyze their child’s spending across categories, set alarms, and set daily spending limitations. The Slonkit card can be loaded with a maximum of Rs 10,000 per month by parents. Moreover, the card can be suspended if lost or stolen with one click.

  1. Fyp

Fyp, similar to Fampay, is a payment software and a numberless prepaid card for teenagers, allowing them to make online and offline payments without opening a bank account. In addition, it’s India’s first holographic card, with a one-tap blocking feature on the Fyp app. 

It was founded by Kapil Banwari and collaborated with YES Bank and Visa to help teens understand financial concepts and management. With the help of an Aadhaar card for KYC, teenagers can swiftly finish the onboarding procedure. In addition, on Fyp, parents can keep track of their children’s spending and receive real-time alerts on their phones whenever an expense is made. 

One can open an account with zero opening cost and even maintain it with a zero balance. In addition, the app provides teens with bite-sized content, facts, videos, quizzes, and more to help them learn financial skills.

  1. Pencilton

Pencilton provides teenagers and students with a virtual and an actual RuPay debit card – the PencilCard, to assist them in controlling their finances while learning about money management.

The software allows parents to give their children pocket money while keeping track of their costs and teaching them real-life financial skills. Children can set savings goals, receive transaction analyses, and receive daily expenditure warnings. 

Some categories that are not appropriate for children, such as cash withdrawals, are restricted. Parents can also submit activities, such as homework completion to assist their children in earning more money. In addition, the Pencilton Piggy Bank and Pencilton Tasks & Badges encourage children to develop healthy financial habits.

It is the most practical way to receive pocket money. Not only that, their gamified learning encourages good financial habits while at the same time being entertaining and participatory.

Take Away

Mobile applications are becoming an increasingly important component of the financial ecosystem. As more economies transitioned away from cash, favoring the convenience of debit cards and digital payments, it was only a matter of time before young people needed financial apps to participate in the market. 

As a result, it’s been getting easier and easier to locate an appropriate financial app for kids of all ages. All you need is to pick the most suitable one and get going.

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