FinTech OnePay Launches Teen-Focused Banking Program

Walmart-backed FinTech OnePay has introduced a new banking program specifically for children aged 13 to 17. The initiative includes savings, checking, investing and credit builder services, aiming to equip young people with a 700 credit score, $1,000 in savings and five years of investing experience by adulthood. OnePay's general manager, Harsh Gupta, highlighted that many individuals turn 18 without a credit history, savings or investment knowledge, making essential tasks such as apartment applications, car loans or phone plans challenging and costly.

Parents can add their teenager to OnePay Invest, allowing supervised investments, and utilize the Builder Card for early credit history establishment. The One to One tool enables instant, free money transfers within the family. PYMNTS Intelligence research indicates that Generation Z consumers view credit products as a path to establish a credit profile, 17.6 percentage points higher than baby boomers.

A significant portion of consumers who desire a credit card cite building or improving their credit score as their primary motivation. Additionally, millennials and Gen Z consumers would use their cards more frequently if they could choose repayment plans at the point of sale. PYMNTS suggests that issuers should leverage AI credit investments to offer cardholders understandable, controllable and usable options.