Teach your kids financial literacy with the ZAAP digital wallet
Pocket money in the 21st-century takes on all new shape with the introduction of ZAAP which can teach the young digital savvy generation how to manage their money.
According to the OECD, more than 60 per cent of Australian parents think cash is going to play a much smaller role in their children’s lives with digital money to eventually take over.
But without physical cash in hand, how do you teach teens and tweens the true value of money.
This is where ZAAP comes into play.
It’s a digital pre-paid Mastercard wallet for children aged between 8 and 17 which can be accessed using a physical card or a wearable ZAAP band.
Parents can set up a wallet and transfer funds to their child’s ZAAP account.
The child can either use a card or wear the ZAAP band which contains a chip and be used anywhere that accepts Mastercard.
The funds can be spent in-store and online and can be tracked using a companion smartphone app which has different logins for parents and kids.
The app allows the child to view their transactions and balance and set up savings goals and reinforces positive financial behaviours.
It also provides an opportunity for parents to teach their kids about managing their money sensibly.
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