The number of cashless payment services for children in Japan is growing and already parents have the means to check their kids’ spending history and balances using digital means, according to a news article by Jiji Press.
To put things in perspective, posted below is an excerpt from the news article of Jiji Press. Some parts in boldface…
Cashless payment services for children are increasingly available in Japan, allowing parents to check their children’s balances and spending history through an app to prevent excessive spending.
They are also attracting attention as a financial education tool that helps children learn how to manage their allowances and spend money systematically as Japan becomes increasingly cashless.
In July, Seven Bank began offering a prepaid card and a dedicated app for children aged 6 or older. Parents can load their children’s allowance onto the card via the app and review their spending history.
Notifications are sent whenever the card is used. The app has a feature to send money to children as a reward for achieving goals, such as completing chores.
Let me end this piece by asking you readers: What is your reaction to this development? What is your opinion about having more cashless payment services for children? Do you think the said services will help them become more financially literate and also more disciplined on handling their money?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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