Tinkoff Bank launches mobile app for kids

Source: Tinkoff Bank

Tinkoff Bank is expanding its banking platform for children and teenagers with the launch of Tinkoff Junior, a mobile app that gives young clients an easy-to-use and robust tool to manage their personal finances.

Parents can open a current account for their child via the Tinkoff.ru website or Tinkoff mobile app, with a Tinkoff Junior debit card added by default. The card can also be added to a young client’s smartphone to allow them to make contactless payments via Apple Pay, Android Pay or Samsung Pay. Parents and their children can choose the card’s design.

Tinkoff Junior card holders will also join the Tinkoff Junior loyalty programme, which awards bonus points as follows: 2% of the purchase amount as bonus points for online shopping and 1% for other purchases, including movie tickets purchased via a mobile app. Bonus points may be spent on online shopping as well as items such as restaurants and fast food. The amount of bonus points spendable during the settlement period is capped at 2,000.

Children and teenagers can use the Tinkoff Junior mobile app to pay for a variety of services such as school meals, games and their mobile phone. They can also set spending limits, change their PIN and choose app themes such as space, wildlife, travels or dinosaurs. In addition, Tinkoff Junior’s young clients will be able to open a money box (savings account) and top it up, including via Card 2 Card transfers.

Young clients will be able to reach Tinkoff Bank’s managers via chat and have access to age-relevant content in Tinkoff Stories such as advice on using bank products, a What’s On guide and other lifestyle events.

Parents can use their own mobile app to top up their child’s Tinkoff Junior accounts, offer financial rewards for doing tasks (the child has the option to decline), as well as change spending limits and enable the “Where is My Child?” feature to keep an eye on their child’s whereabouts.

Tinkoff Junior will be adding lots of new exciting and useful features for children and adults in the coming weeks and months.

“While you are reading this, the world of financial services has already changed. Similarly, today’s children and teenagers will soon become the banks’ primary audience. It will take no more than five or seven years for them to start opening deposit accounts and using credit cards. As we speak, they often prove to be more advanced in modern gadgets and solutions than their parents. In developing Tinkoff Junior, we sought to go beyond promoting financial literacy among children and teenagers as we leveraged our hands-on experience in managing personal finances. Our objective is simply to support this knowledge with an easy-to-use and robust tool,” said Maxim Yevdokimov, Chief Digital CX Officer at Tinkoff Bank.

Tinkoff Junior is available for parents and their children as an iOS-based mobile app and via their account at the Tinkoff.ru website (for parents only). Tinkoff Junior for Android will become available within the next week.

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