Kids will soon be able to learn how to handle their own finances with their first e-wallet savings account.
GCash announced a new feature in its digital finance application called “GCash Jr.” where children can cash in, pay and save their money under parental supervision.
During FutureCast 2024 held in Makati City last Friday, Fatima Javellana, one of the executives at GCash, explained how creating a digital finance account for kids would enable them to become independent.
FutureCast is an annual gathering where new innovations and updates are introduced and scheduled for rollout throughout the year.
One of the latest projects would encourage children to develop better saving habits through their personal savings accounts.
The new and improved GCash Jr. is here to equip the next generation with better saving and spending habits! 👧🏻👦🏻💙#GCashFutureCast #KayaMo #iGCashMo pic.twitter.com/z75OZgxhPW
— GCash (@gcashofficial) June 28, 2024
“This allows kids between the ages of 7 to 17 to have their first e-wallet and get their first debit card with GCash Jr. Visa Cards,” the mobile wallet app stated.
While kids may have full access to their accounts, the parents will be in charge of the user’s wallet limits as well as supervise their purchases and subscriptions. This can be monitored through a special dashboard from the parents’ user accounts.
“They can now learn to manage their savings, set their own money goals, and control how much money they want to save,” the mobile wallet app added.
GCash Jr. was initially launched in 2022 and has since been updated to enable parents to create their child’s account under their own user profile.
To enable this feature, the parent must have an active GCash account, a valid ID or passport and a copy of the child’s birth certificate for verification.
Once the account has been approved, the child can receive and send up to P5,000 and can also purchase mobile loads and game credits.
