From the third decade of the 21st century, we stand on the threshold of the future. As Mr. Bill Gates says, “The future of money is digital currency.” It doesn’t take a detective to figure out that the very things we interact with will undergo a change. Many things that are secondary today will become the new normal tomorrow. The natives of the digital age will be the ones using a fully digital monetary system. Therefore, it is important to help them manage their money by using a technical touch.
Why is e-money important for digital kids?
Pocket money culture will never get old! As kids, we all wanted to capitalize on the opportunity to get some monthly money for those yummy treats, stylish stationery, or fancy toys. Kids in the tech age are alike. The concept will never change, but they do pocket their bills by “carding” them on occasion. As the world transitions from cash to digital payments, the need for a digital wallet for your child may be more than a passing imagination. It may become a necessity.
Parents realize that we live in unpredictable times. Having experienced demonetisation and lockdown, going cashless for payments has been a lesson for most of us. We learned our lessons the hard way, but kids in the tech age are still young and can understand the benefits of programmed monetary systems.
It is very important to regulate the expenses of a child every month. With a digital wallet complemented by an app on a smartphone, it becomes much easier to regulate a child’s payments. Helping children learn the virtues of saving money and avoiding overspending is one of the best lessons parents can give their children.
A digital wallet can be set up to a limit and locked on a number to discipline the youth from a limited age. Payment Card Industry Data Security Standard (PCI DSS)-enabled cards, which are tools for initiating transactions using digital wallets, are extremely secure. Parents giving their children smart-card access can be significantly stress-free as access to the e-wallet is password protected.
Digital Money: Smart Card
Some innovative, child-centric payment platforms have created a digital pocket money card augmented by an app. These smart cards have features like instant transfer, monthly or weekly allowances and real-time notifications. It gives children the freedom to control money in their own way, but always under the supervision of a parent.
John Donahoe said, “Digital currency is going to be a very powerful thing.” The monetary system we work with today will change to a digital system in the future. Digital wallets are something that future generations will employ in their everyday lives. So it makes sense that we hand over our own smart cards to kids and today embark on this journey towards financial independence seamlessly and help create financially responsible adults.
Disclaimer: Ankit Gera is the co-founder of Junio. The views expressed in this article are those of the author and do not represent the stand of this publication.
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