“YPay card is a smarter and easier way for teenagers to make cashless transactions by also having parental control. To use the card, parents get their KYC done and log into the app and activate it. After that by using net banking, UPI, credit or debit card, they can top up,” said Navneet Gupta, founder and chief executive officer of YPay.
Mobile apps provide the option to set limits and track spending of their children.
“I think such apps are a good option for parents to give pocket money to their kids, since they can set limits and keep track of the spending and also link it to tasks. It gives parents more control on how their child is spending money as compared with cash or a debit card that is linked to their bank accounts,” said Shweta Jain, certified financial planner and founder, Investography.