Before addressing the hows, let’s discuss the whys. Why do your children actually need digital wallets? In what is rapidly becoming a cashless society, handing over physical money is becoming archaic. Digital wallets can be highly beneficial for teens if handled with caution.
Digital Wallets Offer Several Advantages
Digital wallets are app-based, which enables parents to monitor the child’s spending and restrict downloads. In some apps it is even possible to set tasks or chores for the child to do before gaining access to the money.
The apps are educational as they help kids set goals for their savings.
Parents can cap daily expenditure across categories such as entertainment, drinks, etc.
The money is far safer in a digital wallet than in a kid’s pocket.
Smart-card access to e-wallets is password protected and highly secure.
Children with digital wallets develop a sense of responsibility because they can accurately keep track of “where the money went.”
And Now, to the “How”
There is a wide variety of apps and wallets available for kids:
Apple Wallet has an offering called Apple Cash Family, to which young family members can be added. Parents are able to add money to the children’s account, lock their access, decide to whom they wish to send money, and set up notifications whenever the child carries out a transaction.
Kids aged 13 and up can use Cash App. In order to set up a Cash App account for a 13- to 18-year-old child, the parent must first approve the account and serve as its legal owner. Cash App allows parents access to their teen’s account activity through monthly statements but does not provide real-time monitoring options. On the other hand, parents can sign up for a Cash Card for their children, which enables them to use the card wherever they want.
Google Pay is open to children aged 13 and up. To Include a child in Google Pay, parents need to add a payment method to their Google account and then limit spending to certain apps or types of purchases. Parental preauthorization is mandatory for every purchase that the child makes. The biggest downside of Google Pay for kids is that it only works on Google Play.
Crypto and Digital Wallets for Teenagers
In addition to digital wallets, there are also crypto wallets and gifts wallets available for teenagers. If you open a hardware wallet, you can set up a crypto wallet for your child once they turn 18. At that point, you may transfer the crypto coins either by sending the money to their new wallet in order to retain it or cash it out.
Wasabi stands out due to its ability to protect kids’ crypto assets and transactions. Wasabi creates trustless coinjoin transactions (using Bitcoin) over the Tor anonymity network. The coinjoin coordinator prevents theft and breaches of participants’ privacy.
The Divi Wallet is user friendly, offering teens a new way to securely interact with the main crypto and fiat currencies. They can also earn extra income by setting up a masternode or staking intuitively. Divi Wallet enables users to send and receive crypto and store DIVI, BTC, ETH and LTC. Kids can also earn rewards from Divi Nodes.
Ledger’s crypto hardware wallet is highly secure. It has its own closed operating system and Secure Element chip type. Ledger is compatible with Ethereum, Polkadot, Tezos, Cosmos, Algorand and Tron. The Ledger Live App enables users to sell, exchange and grow their assets all in one place.
The Giftoin wallet is a new offering which enables people to present virtual gifts including a variety of crypto coins to loved ones and friends. Using the highly secure blockchain system, the coins are. kept in a digital wallet for the recipient, who can save, redeem or sell them. The Giftoin DAO platform enables the recipient to monitor the status of the coins in real time.
Where’s the World Heading?
You simply can’t stop progress. It’s the way of the world. Aside from the obvious move towards cashlessness, society is also transitioning towards decentralization in the area of finance and payments. The younger generation, which grew up in a completely digitized space, is embracing the freedom that digital and crypto wallets provide. They also love the metaverse and all the excitement it has to offer, including virtual gifts, Web3 Gifts and Giftoins.