Smart cards are electronic cards, like debit or credit cards, which can be loaded with funds, via an electronic transfer and used to make online and in-person purchases wherever electronic payments are accepted. This mobile app and smart card platform, issued by Royal Bank of Canada (RBC) and powered by Visa, allows kids as young as eight to earn money, make real-world purchases and learn money management basics.įunds can be electronically transferred from a Mydoh wallet to a smart card. Available on the Apple’s App Store and Google Play. Up to four children can be added to an account. Kids, on the other hand, can set savings goals and earn rewards by completing courses and quizzes to boost their financial literacy.Ĭost: An annual subscription of $4.99 per month or monthly fee of $6.99 applies.
WALO Plug connects with any major Canadian bank or credit union account, allowing parents to automate allowances and schedule chores. If you’re looking to move weekly chores and allowance payments online, here are five apps to get you started. Stepping onto the scene are a wide range of family-friendly apps that offer digital bank accounts, digital wallets and smart cards, as well as allowance allocation and chore scheduling features, with many connecting to your bank account. With kids turning to financial technology apps (fintech) to learn about money and adults gradually moving away from cash, how some parents give allowances and assign chores has pivoted. Fintech apps can help busy families assign chores and allocate allowances in a fair and educational way (Getty Images/10’000 Hours)
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