19 September 2017
Find out more

Danske Bank develops pocket money app

30 June 2017  |  11389 views  |  2 happy Family

Danske Bank has released a parent-controlled pocket money app and card for 8-12 year olds.

Using the tool, kids can see when their pocket money is paid into their account and how their savings develop, while parents can use their mobile banking app to transfer money and keep an eye on their child’s spending. Children can use the pocket money card to withdraw cash from an ATM or for spending in stores and online.

Thomas Mitchell, head of personal banking Denmark at Danske Bank, says: “Many of our customers have requested an easier way of handling pocket money. Parents want to transfer money digitally and to monitor their children’s spending. Many also look for a tool that allows their children to check their pocket money in the bank and to spend the money in the real world. We have developed a user-friendly app and a pocket money card, so that children can safely practice managing their finances, with the parents watching from the sidelines.”

A YouGov survey of 1000 parents commissioned by the bank found that one-in-two primarily give their children pocket money to make them financially responsible or to teach them that you must work in return for a financial reward.

“As a bank, we want to help make children financially responsible, so that they develop a good sense of finances, hopefully enabling them to make healthy financial decisions later in life," says Mitchell. "We think Pocket Money is a good opportunity to begin the important conversation about the value of money and the importance of saving.”

Comments: (2)

A Finextra member
A Finextra member | 30 June, 2017, 10:10

So Kids will get cash from ATM and spend it God knows on what!? Stop the service guys until you figure out a real-time controlled/monitored by parents transaction capability.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Anthony Pickup
Anthony Pickup - MYRECS LTD - Manchester | 03 July, 2017, 13:19

Dare I say previously parents gave their chidren cash.

I agree the service needs full transaction control for spending via the card... Cash needs a store to break the law if providing goods children are not allowed to buy.

I trust Danska bank have a card controls platform such as First Performance to control what the card can be used for onine or in store and notify parents.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CommBank launches Youthapp to teach kids the value of money

CommBank launches Youthapp to teach kids the value of money

19 June 2017  |  5618 views  |  0 comments | 11 tweets | 11 linkedin
ING Robot goes on tour to teach kids about money

ING Robot goes on tour to teach kids about money

24 May 2017  |  7204 views  |  0 comments | 11 tweets | 16 linkedin
Current preps debit card and app for kids

Current preps debit card and app for kids

08 March 2017  |  4716 views  |  0 comments | 7 tweets | 1 linkedin
POSB combines contactless and wearables to teach kids financial management

POSB combines contactless and wearables to teach kids financial management

25 October 2016  |  7763 views  |  0 comments | 5 tweets | 4 linkedin
Nordea ditches Swipp m-payments for Danske Bank's MobilePay

Nordea ditches Swipp m-payments for Danske Bank's MobilePay

13 October 2016  |  9489 views  |  1 comments | 8 tweets | 12 linkedin
ASB gives piggy bank a digital makeover

ASB gives piggy bank a digital makeover

14 September 2015  |  10425 views  |  0 comments | 16 tweets | 17 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.abe-eba.euvisit www.sibos.com

Top topics

Most viewed Most shared
IBM and UBS team on blockchain payments for carsIBM and UBS team on blockchain payments fo...
10533 views comments | 18 tweets | 36 linkedin
JPMorgan Chase chief says he would fire traders dealing in bitcoin for stupidityJPMorgan Chase chief says he would fire tr...
10423 views comments | 16 tweets | 29 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
9677 views comments | 6 tweets | 17 linkedin
iPhone X gets Face ID for Apple PayiPhone X gets Face ID for Apple Pay
8853 views comments | 11 tweets | 22 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
8747 views comments | 6 tweets | 3 linkedin

Featured job

Find your next job