Pocket money app MyMonii expands to Germany

The fintech offers an app with an optional Visa prepaid card designed to help families manage their children's pocket money and teach them how to manage their finances. According to the provider, habits in dealing with finances are formed at a young age, meaning that parents should have conversations with their children at an early age to teach them how to deal with money. Seeing as young people nowadays grow up mainly with money in digital form, it is particularly important to help them keep track, as a MyMonii representative informs.

Overview of savings and expenses in the app

The app provides an easy overview of savings and expenses for both parents and their children. Optionally, savings goals and monetary incentives for completing (household) tasks could be set. Children and young people can pay with the MyMonii Visa card anywhere that Visa cards are accepted, including abroad and online (except in shops and on websites that have been blocked by MyMonii because they are not suitable for children and young people). Additionally, parents and kids could also check the PIN code and 3DS password for online purchases in the app. Seeing as it is a prepaid card, it is not linked directly to a bank account. This means that only as much money can be spent as is available in the child's MyMonii account.

Pocket money app MyMonii expands to Germany

The app makes it possible to create pocket money as a standing order or transfer money to the Visa card while on the move, set a spending limit, or block the card. Parents can also be notified in real-time of any type of purchase, whether online or in retail. After a seven-day free test phase, the pocket money app costs the whole family EUR 8.99 per month or EUR 41.99 per year with a subscription. Families are then able to order the MyMonii Visa card free of charge.

German expansion and future plans

According to a MyMonii representative, the fintech developed the app to teach young people what happens when they make money, save money and spend money. After MyMonii started its pilot project in Germany in December 2022, they saw a positive response from German families. Now the fintech is making its app available to all German families with children aged 7 to 18. The company’s goal is to continue developing its pocket money app and payment solution for families in Denmark and Germany and later on for the rest of Europe. The MyMonii app is now available for download in the App Store and also in the Google Play Store.