In the current scenario where everything is getting digitized, an increasing number of parents are now realizing the benefits of financial literacy for kids along with teaching digital money management skills to their young children. Due to its ease of use, most working parents prefer using digital money via the new age money management apps/tools to smartly handle allowances and other necessities of their kids.
However, many parents are still considering the use of the digital wallet. If you are one of them here are few things about a digital wallet that you might like to know.
What is Digital Wallet
A Digital Wallet is an app that stores payment information including passwords of users securely. The money stored in the digital wallet can be used for making different payments/transactions. Digital Wallet is also known as an e-wallet. There are numerous payment methods as well as online shopping websites where this money can be used to buy goods and for other uses. A digital wallet makes purchasing easy and quick.
Benefits of Digital Wallet
The primary feature of a digital wallet is that it benefits both businesses as well as ordinary users. Some benefits include:
Comfortable to use – digital wallet makes it easy to manage your money as it stores all the details of cards and other required data in one app. Thus, it saves time and effort and makes it very easy to use.
Saves time – digital wallet saves time by making the billing process easy and quick. It takes just about a minute or so to make a payment through a digital wallet.
Help to track expenses – Digital wallet allow you to track and analyze your expenses better and help you to control them as well. Hence, it helps you to stay on budget by setting limits to your shopping expenses and wasting money.
Better Security – Data stored ina digital wallet is encryptedand can’t be accessed by third-party organizations. Many digital wallet apps are further protected by the security system of your device.
Special offers – Many digital wallet apps offer different special offers to users to motivate them to use the apps regularly.
The need for money management tools for kids – Cashless
Be it any culture, teaching the value of money management and saving is something that every parent wants to inculcate in their children. However, at this age of cashless transactions, the need of the hour is to teach the kids the concept of digital wallet and the art of managing money smartly.
However, the important thing is to choose the best money management tools and apps that could not just teach kids about the concept of digital currency but also let them enjoy the experience. Here, parents need to find a platform that could help impart financial know-how related to digital currency to kids with seamless and secure features.
Effective money management features of Zoylu
Zoylu’s money management features have been setting trends for helping kids become money smart. This is one platform that is working towards redefining the money management skills of kids through various attractive features.
Along with teaching the value of money, the concepts/benefits of digital currency, and the importance of saving, Zoylu also help kids to engage in different activities with their siblings, parents, and other family members.
This is one unique platform that boosts kids to do different chores at home and get paid in return. The money that they receive gets stored in their digital wallet, which they can use later for a different purpose.
Other features of Zoylu like tracking funds through money management, instant transfer of money to pay friends or siblings, spending money for buying gifts, managing money in the wallet, or pooling in funds for family events, etc. help kids to smartly manage money through digital apps or wallets effectively.
To start with, you can track and manage the allowances or pocket money of your kids with the help of a smart pocket money solution to make them understand the use and benefits of digital money.