US-based startup Current launches an app-controlled debit card for teenagers
Nowadays, no one keeps cash with them as most of the transactions are done by debit/credit cards. Current, a startup, is all set to roll out a new approach for parents to give out pocket money to their children. The company provides the kids with a Visa debit card that would permit them to shop online or in stores from their own bank account. This account is funded via money that dad or mom transfers from their bank account. With the mobile app, parents can track expenditure, set chores, encourage saving, and allow their children to gain knowledge about money management.
The app is available for Android as well as iOS and can be downloaded from Google Play and Apple App Store. The app will also assist the parents to set guidelines and expectations for their kids in terms of when and how money can be made as well as how it is spent. Chores can be set up by the parents via the app that has to be initially completed and assessed before the money is paid out. They can even select to auto-transfer a sum on a weekly basis.
By the app’s integration with the Visa debit card, the teenagers can get a sense of independence; however, the expenses can still be controlled and monitored by the parents. For instance, they can set a limit to the amount that can be spent in a day or the sum that can be drawn from an ATM. Apart from this, the card can be blocked by parents from being used at specific places that are not appropriate for the kids or needs permission, such as bars, casinos, and more. Even selected merchants can be blocked, but it can be only done after a preliminary transaction has been done.
Also, Current functions with a several mobile messaging services, such as iMessage, Kik, Facebook Messenger, and others, so they can see transactions, check their account balance, and get insights into their spending habits.
Current app is easy to use, well-built, and works with any credit union or bank account. Only a few minutes are required to set up and then enable the parents to control all facets to the service with only a few taps.