Card for kids’ pocket money
Greek-owned financial technology startup Woli is creating a digital bank for children. It is planning to offer its services in the local market from next month, aiming to attract 50,000 users in this country over the first three years of its operation.
“Woli is quite different to other services in that it is a solution designed exclusively to meet the needs of children and teenagers,” says Vassilis Zoupas, the company’s chief executive and one of the four co-founders of Woli.
The company has created a banking app designed for families with children aged between 10 and 18, through which parents can create a bank account for their children. Next, a prepaid Mastercard will be issued in the children’s name and sent to them so that they can manage their money and control their savings.
Woli, just like other fintech companies, is licensed by the central bank of Lithuania as an electronic money distributor so that it can promote its services across all countries in the European Economic Area.
“Through this app parents will practically be able to render pocket money more automatic, receive real-time notifications about transactions in their accounts, and teach their kids how to manage their incomes. Furthermore, children will get access to their first online account with a card and will be able to manage their money, set savings targets and build up their economic knowledge through interactive lessons and quizzes,” explains Zoupas.
He adds that the app contributes significantly toward children’s financial literacy, which will be helpful for them as they grow up and enter a digital and cashless environment.
“Last year Revolut launched a program for children that is addressed to its adult subscribers, which renders it an indirect rival of Woli. However, that is restricted to basic banking services and does not offer educational services,” notes Zoupas, stressing what differentiates Woli from other apps.
Therefore, through the Woli app, children will be able to learn about saving money and earn their pocket money via “homework” their parents will give them to do. Crucially, the Woli card cannot perform transactions for adults (e.g. gambling).
