Australian money app teaches kids about digital money

Wednesday 18 May 2022 14:03 CET | News

Australia-based CommBank-supported money app Kit has recently launched as a trial to help children learn to earn, save, spend, and manage money, in a digital economy.

As parents are struggling to teach their children good money habits, they are constantly facing impediments like in-app purchases in games and other related offers that might push for additional spending. In the latest research commissioned by the Aussie app, Kit mentioned that while 72% of parents are concerned about the influence on online games on their children’s attitude towards money, less than half (48%) discuss the money issue with their kids. 

The app is currently available in trial mode to 5,000 Australians and is designed to help families build healthy and stress-free money habits for all members, especially children. Using their own Kit account linked to a prepaid card, children can earn money on PayDay, linked to completed chores and even create customisable savings accounts that can help them reach their goals faster. 

Children can access their money through an ATM and use Tap-to-Pay technology to make payments. The app also offers a ‘Boss Mode’ that allows parents to have access to customisable controls, including spend limits, merchant blocks, and card and PIN protection for a hassle-free, safe digital shopping experience.

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Keywords: Tap-to-Pay, ATM, digital wallet, digital payments, online shopping, product launch, shopping, digital verification
Categories: Payments & Commerce
Companies: CommBank, Kit
Countries: Australia
This article is part of category

Payments & Commerce




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