HyperJar launches prepaid cards for children

Tuesday 3 November 2020 11:15 CET | News

Smart spending app HyperJar has started offering free Kids Cards for 6-15-year olds.

Children get their own prepaid Mastercard, paired to an adult HyperJar account, while parents get instant payment notifications and can set individual spending limits for each child via the app.

Overall, HyperJar aims to teach kids how to budget and give them some spending independence. Parents can transfer money from a bank into the app using their HyperJar sort code and account number, and then move money into virtual Jars for each child with a Kids Card. The parent controls how much and how often money is added to a child’s Jar.

Jars function like mini accounts in the app. Parents can create any number of Jars for their kids, encouraging the child to divide money between the Jars depending on how it’s going to be spent. For example, a Jar called Games to pay for V-Bucks or Robux, or for longer term plans a Bike Jar, or even a Uni Jar.

The Kids Card can be linked instantly to any Jar in the app so that, when the card is used to pay, the money comes from the right place. The parent manages this process and sets spending limits where appropriate.

If a Kids Card is lost, the parent can freeze it in the app and unfreeze it if it is found.

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Keywords: HyperJar, product launch, prepaid card, MasterCard, financial services, money app, spending limit
Categories: Payments & Commerce
Countries: United Kingdom
This article is part of category

Payments & Commerce