More banks offering cashless payment services for children in Japan
Parents can use the services to manage their children's allowance, review their spending history and receive notifications whenever payments are made.
In Japan, an increasing number of banks are introducing cashless payment services specifically designed for children. This development aims to help parents monitor their children's balances and spending habits through dedicated mobile applications. The services not only serve as a financial education tool, enabling children to learn responsible money management, but also reflect Japan's growing cashless economy.
Seven Bank launched a prepaid card for children aged six and above in July, accompanied by a corresponding app. Parents can deposit their children's allowances onto the card via the app, review transaction history, and receive notifications whenever the card is used. One notable feature is the ability to reward children for achieving goals, such as completing household chores, by sending money directly to their accounts.
A Seven Bank representative noted that cashless transactions can make it challenging for individuals to grasp the concept of finite resources, and the bank hopes to foster sound decision-making skills among young users.
Similarly, Sumitomo Mitsui Card introduced a prepaid card and an app called "Kazoku no Osaifu," which facilitates family-to-family transfers and balance management. Rakuten Card provides a similar prepaid payment service for families through their smartphone application. Sony Bank also offers debit cards to individuals aged 12 and above who are linked to a family member's account, allowing them to make purchases when the account is under a family member's name.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
