Google Wallet Now Lets Parents Create Secure Tap and Pay Balances for Kids
The new feature gives kids a way to manage their money without a bank account.
Google Wallet has introduced a new feature enabling parents to create secure tap and pay balances for their children. This tool, announced on Thursday, allows parents to set up funds on their kids' NFC-enabled Android phones or WearOS devices, making purchases wherever Google Pay is accepted. By using the Google Wallet app, parents can add money to their child's balance instantly.
There are no extra fees, nor is there a requirement to transfer the money to a physical card before usage. Parents can establish daily spending limits to foster healthy financial habits in their children. Furthermore, they can monitor all of their child's transactions or receive push notifications whenever a new transaction occurs, detailing the spent amount and location.
This innovative feature also empowers parents to lock or unlock the child's balance at any time, which could be beneficial in scenarios such as a misplaced or stolen device, or when a parent wants to enforce a "spending timeout."
Written by urgent.news from CNET's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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