Pocket Money goes Digital: How to keep up?
The COVID-19 outbreak has made us realise the significance of digital payments even more. With online marketplaces gaining preference, the ease of transferring money, making payments, and growing acceptability of digital payments have made it an essential payment mode.
Due to this, many parents have shifted to digital pocket money simply because in today's time Gen Z are more active online! Digital payments not only reduce the chance of losing cash but also, helps you keep a track of the transactions made by your children. From education to shopping and food to healthcare, everything is online. Digital pocket money helps ingrain financial knowledge and discipline. At an age when habits are formed, it is very important to learn about financial literacy which may further help children grow into financially responsible adults.
Shopping online is easy and convenient but it also can lead to unfiltered and careless spending; hence it’s quite risky for kids to use their parent’s debit/credits cards or online payment methods to shop online. This can be solved when kids have their means to pay with limited allowance and complete control to parents. You may empower your children with the digital payment option to control their spending behaviour.
What are some ways Digital pocket money helps?
- Easy and convenient - It removes the hassles of dealing with cash and provides an easy holistic mode of payment
- Track and Spend - Since digital money often have records that can be accessed from your devices, it makes it easier to record and track overall expenses
- Analyse spending - Digital payments make it easier to track spending. It instills smart spending habits and helps you make informed decisions
- Learn to save - Digital pocket money makes it easier to start saving from an early age
- Develop productive habits – It creates a habit of taking care of your finances and also prepares your children to deal with money more responsibly
- Secure payments - Digital payments offer simple transactions with high-security standards making it easier for kids to use them
- Spending limits – When kids have their payment tools, it's easier to set limits and control their spending compared to when kids use their parent’s Debit/Credit cards
But it's often difficult to find all these benefits in one place. Don't worry though, OmniCard has got you covered! OmniCard offers a convenient and secure platform for kids to stay in control of their money from an early age. It offers a Prepaid Card with an innovative mobile app; which can be used for offline and online transactions. It comes with swipe, tap and scan payment modes along with online payments. Licensed by the Reserve Bank of India, OmniCard️ is India's first omni-channel payment platform exclusively for Young.
Parents can simply add money to their kid’s OmniCard and can set spending limits for overall monthly expenses. This helps parents ensure that the kid is not overspending their pocket money. The robust security standards and card control features make sure to prioritise security in every transaction. The 3 primary ways you can manage your pocket money on OmniCard are;
- Set transaction limits
- Ability to track every transaction
- Analyse your spending per category
Along with money management, OmniCard offers exclusive discounts from popular brands. Explore unlimited privileges using OmniCard for a secure and seamless payment experience. You can create multiple cards for near and dear ones and keep track of everything in-app. How to get started though? It's pretty simple! If you are below 18, you can invite a guardian or vice-versa and begin the OmniCard journey. Let’s get started!