How to pay and manage pocket money for your kids in digital age

After demonetisation, the Covid-19 lockdown has made us realise the importance of digital payment in a hard way. With online marketplaces gaining popularity, ease of making payments, transferring money and increasing acceptability of digital payments have made it an indispensable payment mode.

As a result, you can’t ignore it while giving pocket money to your children. Not only will it reduce the chance of the kids losing cash, but will also help you monitor the transactions made by the children.

Now you may empower your children with digital payment option with a control on spending, after the launch of Junio, a kid-focused digital pocket money app, that not only allows children – in their pre-teens and teens – to make purchases with their Junio smart card, but also allows parents to create in-app daily tasks for their kids and tie them with perks.

The launch of the first-of-its-kind kid-focused digital pocket money app comes soon after the Delhi-based digital pocket money startup raised Rs 10 crore in its Angel Round last month.

Co-founded by former Paytm alumni Shankar Nath and Ankit Gera in September 2020, the aim is to enable kids to take charge of their own pocket money and savings with the help of their parents. Further, the idea is to nurture financial knowledge and discipline in them at an early age.

Just junk that ‘risky’ debit card; you may still withdraw money, shop online

Apart from allowing instant pocket money transfer, the app also helps the parents to keep a track of the spending made by children and to keep full control with the features such as setting ATM withdrawal limits and flexibility of canceling the card at any moment using the app.

Speaking on the launch, Ankit Gera, Co-founder Junio said, “ A child focused payment platform is a new concept in India and a space that is unexplored. Now, as we are moving towards a cashless economy, the popularity of the digital payments space will grow more than ever before in the years to come. We are thrilled to launch a first-ever kids-focused digital pocket money app in the country. Our aim is to meet the needs of young digital natives who are inclined towards a cash free world. At the same time, we feel it is important that children learn about money management during their formative years. With the launch of Junio, we envision creating a community of financially smart and empowered young generation.”

In the first year, the startup targets to have a monthly active base of 2 lakh Junio card users in India, and aims to have 5 million users in the coming 3-4 years.