When was the last time you used cash? From buying vegetables from a local vendor to eating at restaurants, paying for everything has become cashless or digital, hasn’t it? As if the digital push by the government post demonetisation was not enough, technological advances and lifestyle changes in Covid have further accelerated the use of digital payments in place of cash. As convenient as it is for you as parents, digital money makes sense for your kids, too, regarding safety and other benefits. So, why not give your children their pocket money in digital form?
Here are some key reasons why digital is safer than cash for kids:
No More Losing Money: Digital money and handling of online payments mean no more forgetting where you kept the money. This also means no accidental washing of cash in pockets. Your child can store their money safely in a digital wallet and carry it with them on the go.
Manage money in real-time: Digital money is also easy to track compared to cash. All it takes is one click on a money management app for real-time management of the funds. Thus, if you or your child wants to check where money was spent or how much is left of their pocket money, you can simply access all the transactions recorded on the app or the card from where the payments were made.
Lock Card at your Convenience: Another benefit of digital money is that you can lock your card anytime to prevent misuse. This also helps exercise control over your child’s spending.
Safety: Digital money is secure and usually password-protected for access and use. Digital wallets and credit card companies follow many safety standards and banks in digital processing transactions. Further, card companies are required to be PCI DSS-compliant to ensure that they maintain a secure ecosystem. This provides high safety standards while storing and using digital money.
Thus, facilitating every kind of digital payment for teens is convenient, as it solves many problems in managing money. These include tracking expenses, keeping money safe, and understanding how to budget it. Now, banking for teens through digital solutions is also readily available via many banks, which can help teach your child valuable, early-life lessons in banking and managing finances.
So, say goodbye to cash! Refill your child’s digital wallet this month when they ask for pocket money. We bet you both will have an amazing experience!