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Polish Bank Pekao rolls out finance solution for children, teaching them how to manage their money

Wednesday 27 May 2020 13:06 CET | News

To support parents, Polish Bank Pekao has launched PeoPay KIDS, a pioneer solution, which will help children take their first steps in the world of mobile finance.

PeoPay KIDS is a first banking solution addressing the needs of parents looking for assistance in educating their children about personal finances. The app, which was prepared entirely in-house by Pekao’s employees, is friendly for both children and parents.

As sometimes proper banking solutions for school-aged children lack, the bank has decided to create PeoPay KIDS in response to the needs of parents and children. Thanks to the app, children will gain new skills, which they will find useful in their adult life. Coach available in the app – Fox, Polish Zloty or European bison – will teach children basic terms and show them how to save and manage money efficiently.

Working principle of the app is very simple. Within the savings account Mój Skarb, children can create ‘money-boxes’ to save money for their own purposes and check how the collection is going. They can also transfer money from the free account Konto Przekorzystne or recharge their pre-paid mobile phones – in this case, parents always receive a request to approve the transaction. Additionally, there is a virtual coach function, who is providing children with tips and introducing them to the world of finance.

The app can be installed on the child’s smartphone, or if the child does not have one – on the parent’s device. Moreover, the child can have their own PeoPay KIDS payment card for the account Konto Przekorzystne (with one of six images). Thanks to it, the child will be able to pay for shopping and withdraw cash from ATMs. Limit of such a transaction is also set by the parent. The issuance and operation of the card is free of charge. By making contactless payments available to children, Pekao supports safe shopping without the need to touch the cash.

The bank was already offering account Konto Przekorzystne and Mój Skarb savings account from an early age, as well as a card to the account and PeoPay app for children 13 years old and above. Now, the bank has supplemented its offer with a card and PeoPay KIDS app for children aged 6-13, providing parents with tools to educate their children about finances and control them via Parent Panel and app for adults.

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Keywords: PeoPay KIDS, contactless payments, ATMs, financial education, savings account, mobile banking, Poland, Bank Pekao
Categories: Banking & Fintech | Payments General
Countries: Poland
This article is part of category

Banking & Fintech