Google Wallet is giving parents a new way to help their kids manage money without the need for a traditional bank account. The feature, which was announced Thursday, lets parents set up a secure balance for their children to use to spend money with their NFC-enabled Android phone or WearOS device anywhere Google Pay is accepted.
Parents can use the Google Wallet app to add money to their child’s balance, and the funds will instantly be available for use. Unlike some traditional payment apps, there won’t be any additional fees or the need to transfer the funds to a physical card before it can be used.
The new feature allows parents to set boundaries and teach their kids healthy spending habits by creating daily spending limits. Parents can also view all of their child’s spending transactions or receive a push notification when a new transaction is made via Family Link. Push notifications will include the amount of money spent and the name of the location where the transaction took place.
The new features also allow the ability to lock or unlock the balance at any given moment. This could be helpful if a device is misplaced, stolen or if a parent wants to establish a “spending timeout.”
Read the full article here