Google Wallet adds supervised balances for kids and teens, no bank account required
These days, the easiest way to pay for anything at practically any shop — save for Walmart, I suppose — is through the digital wallet stored on your phone or smartwatch. Of course, that makes it difficult for kids and teens to ever actually pay for anything on their own, especially if they don’t have their own bank account and your household is primarily cashless. With its latest update, that’s…
Google Wallet has introduced supervised balances for children and teenagers, enabling parents in the United States to set up a digital 'secure balance' for kids under 18 without needing a separate bank account. This feature works akin to a digital allowance, allowing parents to monitor spending limits, account activity, and transactions directly within their own account.
Although there is no physical card associated with this account, the child's balance can be utilized at any store that accepts Google Pay through tap-to-pay. Google also offers optional notifications for family members when their child makes a purchase via Family Link and the ability to remotely lock the balance. This feature is beneficial in cases of lost or stolen devices, preventing potential financial loss.
Google refers to this as a "digital-first way" for children to gain early financial experience without resorting to services like Greenlight or Acorns Early. This addition follows Google Wallet's previous attempts to make financial management easier for kids, such as integrating Family Link for access starting in 2021. This update simplifies the process of managing digital allowances, although the standard Google Wallet experience will remain available. It remains unclear if this feature will be extended to parents residing outside the US.
Written by urgent.news from 9to5Google's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
