Sberbank launches mobile bank for children and parents

Source: Sberbank

To mark the beginning of the school year, Sberbank is launching a mobile application called SberKids, which will be available from the AppStore and Google Play from 1 September.

The app will teach children to manage their pocket money and help parents monitor their children’s spending.

Using SberKids, parents can:

Create a virtual prepaid card for their child.
Instantly transfer pocket money to the card.
See what the child is spending money on and set limits for them.
View the child’s wishlist.

Children, the main users of the new mobile app, can:

Use their mobile phone to buy things in shops.
Receive money from their parents.
Save up for dream purchases.
Create a wishlist that their parents can view.
Accumulate and spend Thank You bonuses and receive gifts from the programme’s partners.

In addition, SberKids features a special section with tips on how to earn, spend and save money, which will help children improve their financial literacy.

Alexandra Altukhova, Director of the Special Solutions Division:

“The SberKids mobile app is a key step in the creation of a banking product ecosystem for children. It makes it easy for children to manage their everyday expenses and pocket money. In addition, SberKids plays an important educational role by teaching children basic financial literacy, a key skill in the 21st century.”

SberKids has a number of limits that prevent its young users from spending irrationally:

There is a maximum single spending/top-up limit of 15,000 roubles.
The maximum monthly turnover for the card is 40,000 roubles.
Children cannot transfer money to other people.
Cash withdrawal and making purchases in foreign shops are blocked.
The app is only available to parents who use Sberbank Online and their children.
Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

Comments: (0)

Featured job
All Jobs »