Table of Contents
Introduction
Mobile payment apps have become increasingly popular in recent years, offering a convenient and secure way to make transactions. While these apps are typically designed for adults, there are now mobile payment apps specifically tailored for children. These apps not only teach children about financial responsibility but also provide a safe and secure environment for them to make transactions. In this article, we will explore seven features that make mobile payment apps secure for children.
1. Parental Controls
One of the key features that make mobile payment apps secure for children is the presence of robust parental controls. These controls allow parents to monitor and manage their child's spending, set spending limits, and approve or decline transactions. By having control over their child's account, parents can ensure that their child is making responsible financial decisions.
For example, the Greenlight app offers parents the ability to set up automatic allowances, allocate funds for specific purposes (such as saving or giving), and even block certain types of transactions. This level of control gives parents peace of mind knowing that their child's spending is being closely monitored.
2. Two-Factor Authentication
Two-factor authentication (2FA) is a security feature that adds an extra layer of protection to mobile payment apps. It requires users to provide two forms of identification before accessing their account, typically a password and a unique code sent to their mobile device. This feature helps prevent unauthorized access to a child's account, ensuring that only the child and their parent have access to it.
For instance, the goHenry app uses 2FA to verify the identity of both the parent and the child. This ensures that even if someone manages to obtain the child's password, they would still need access to the parent's device to complete the authentication process.
3. Transaction Notifications
Transaction notifications are an essential feature of mobile payment apps for children. These notifications provide real-time updates to both the child and the parent whenever a transaction is made. This allows parents to stay informed about their child's spending habits and quickly address any suspicious or unauthorized transactions.
For example, the Current app sends instant notifications to parents whenever their child makes a purchase. These notifications include details such as the amount spent, the merchant, and the location of the transaction. This level of transparency helps parents keep track of their child's financial activities and identify any potential issues.
4. Spending Categories and Limits
Mobile payment apps for children often include spending categories and limits, which help teach children about budgeting and financial responsibility. These features allow parents to allocate funds for specific purposes, such as saving, spending, or donating to charity. By setting limits within each category, parents can guide their child's spending habits and encourage responsible money management.
For instance, the FamZoo app allows parents to create virtual family banks with individual accounts for each child. Parents can then set spending limits for different categories, such as entertainment or clothing. This helps children understand the value of money and make informed decisions about their purchases.
5. Secure Payment Processors
Mobile payment apps for children prioritize security by partnering with trusted and secure payment processors. These processors ensure that all transactions are encrypted and securely processed, protecting sensitive financial information from unauthorized access.
For example, the BusyKid app partners with Dwolla, a secure payment processor that complies with industry-leading security standards. This partnership ensures that all transactions made through the app are processed securely, giving parents peace of mind knowing that their child's financial information is protected.
6. Age Verification
Age verification is a crucial feature of mobile payment apps for children, as it ensures that only eligible users can create an account. By verifying the child's age during the registration process, these apps prevent unauthorized access and protect children from potential risks associated with online financial transactions.
For instance, the Greenlight app requires parents to provide their child's social security number during the registration process to verify their age. This additional step helps ensure that only children of the appropriate age can use the app, creating a safer environment for financial transactions.
7. Customer Support
Mobile payment apps for children understand the importance of providing reliable customer support to both parents and children. These apps offer various channels of communication, such as live chat, email, or phone support, to address any concerns or issues that may arise during the usage of the app.
For example, the goHenry app provides 24/7 customer support to assist parents and children with any questions or problems they may have. This level of support ensures that parents and children feel confident and supported while using the app, further enhancing its security and reliability.
Conclusion
Mobile payment apps designed for children offer a range of features that prioritize security and financial education. With robust parental controls, two-factor authentication, transaction notifications, spending categories and limits, secure payment processors, age verification, and reliable customer support, these apps provide a safe and secure environment for children to learn about money management.
By using these apps, parents can empower their children to make responsible financial decisions while also ensuring their financial security. As the popularity of mobile payment apps continues to grow, it is essential to choose apps that prioritize the safety and well-being of children. With the right features in place, mobile payment apps can be a valuable tool in teaching children about financial responsibility and preparing them for a financially secure future.
