US comms network Verizon is to issue a payments card and app for children aged eight to 17.
The Family Money platform, developed using technology from Galileo, can host up to five children via a parental-controlled app and accompanying prepaid debit card issued by Metropolitan Commercial Bank that can be used to make purchases online and at retail stores.
Using the app, kids can track spending and deposit cash into a savings Vault to save for future goals.
Parents can use the app to set chores, assign rewards and manage allowances. They can also block spending for particular categories and lock or freeze lost or stolen cards.
Verizon and non-Verizon customers can download the Family Money app from the Google Play and Apple App Store. Initially available for a 30-day free trial, Verizon thereafter charges a monthly fee of $5.99.