SAN RAMON, Calif.—Soon, kids will be able to carry their own prepaid reloadable debit card.
Financial startup Greenlight is planning to make a card available to kids that is tied to their parents’ account and controlled by the adult’s smartphone.
Every time the card is used parents get an instant notification on their phone. The Greenlight debit card does not require a credit check to obtain. Before use, it must be loaded with funds, which parents can do through the Greenlight app, PSFX.com reported.
According to the company, the card offers parents a lot of flexibility, with card control features that have emerged on the market in the last two years. Parents can pre-approve which stores or locations where the card can be used, and decide how much kids can spend at these places.
“For example, parents can allow the kid to just spend $1 on Google Play for the entire week. If the child tries to pay at a merchant where there is no pre-approval or if the card has run out of money, the card is simply denied. To avoid embarrassing situations, kids get their version of the app to monitor their expenses and available balance,” PSFK.com reported.