Children will have their own card for transactions
Have you ever wondered what your kids spend their pocket money on? There's a new tech offering that enables parents to monitor when and how their children spend their money.
Nimbl is a smartphone solution for parents and children to make money management easier. Parents can transfer a set amount of money to their children and will then receive a breakdown of what they bought via their own Mastercard debit card.
The app is aimed at children aged between 8 to 18 years, but there's nothing stopping college going kids from using it.
The application has two sections; one for parents and one for children. Parents add money to their account via bank transfer or from a debit card. They then transfer this money to their child's account.
The child can pay for items with their own debit card, which works with both contactless and pin payment.
Parents receive a notification each time their child spends money. They can also set limits on their spending, see a detailed statement of how much they have spent and on what, and lock the card altogether – a safety feature to be used if it’s been lost.
There's an annual fee of around €11 for the service, with the first three months free. A full breakdown on the features and costs can be found here.