RoosterMoney issues Visa prepaid card for kids

Source: RoosterMoney

RoosterMoney, the pocket money app, is launching the Rooster Card, as it continues to expand its offering and build on its mission to take children from their first steps in understanding the value of money to their first bank account.

The new Visa prepaid card for kids, being launched in partnership with Cornercard UK, comes with new to market dynamic CVV technology, making it a more secure card for online transactions. This new offering allows parents to graduate their kids from a virtual ‘tracker’, which offers the fundamentals for building smart money habits, to a prepaid card, ready to take the next step towards independent money management in the real world.

RoosterMoney launched in 2016 with a mission to transform the way the world talks about money with their children. Since then, it has grown the number of currencies being used on the platform to over 50 and tripled its userbase in the last 18 months to over 600,000 users.

The Rooster Card will be a premium feature within the app, and is being made available to families for testing, before a full release in June. The waitlist for the service launches today (8th May): www.roostermoney.com/join-the-queue

Key features:
● Parent Account with sort code & account number - parents can separate their kids’ pocket money, and family and friends can pay into the account
● Prepaid Visa card for kids - kids can make considered spending choices in the real world
● Dynamic CVV - making it a more secure card for online transactions. CVV number is only accessed in app, and changes after every purchase
● Real-time spending notifications - for parent and child, giving everyone oversight
● No overdraft - kids learn in a safe environment, with no risk of overspending
● Decide where it can be used: in stores, online or at ATMs (limited to child appropriate merchants and codes)
● Freeze/unfreeze card anytime - for those ‘where’s my card?’ moments
● Touch ID login - provides an extra layer of security
● View PIN in-app - for easy and safe reminders

Will Carmichael, RoosterMoney CEO, says:
“We’re delighted to be able to offer families our unique Rooster Card, which is a natural progression for the kids who have learnt the basics with our tracking tool. A bridge between the tracker and a bank account, we are helping parents to empower their kids to make considered spending choices on their own, both online and in store. It was important to us that we built a secure product, utilising cutting-edge security technology, and I'm proud to say we now have a leading offer for families with kids of any age. Kids can start as young as four using the app as a star or reward chart, before graduating to a pocket money tracker and then, ultimately, the Rooster Card whenever the parents and kids are ready.”
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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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