Kids can feel a bit of financial freedom with a little help from their parents and a new Google Wallet feature.
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Credit: Google
On Thursday, Google announced that parents can set up a secure balance on Google Wallet for children and teens. The kids will then be able to use Google Pay on NFC-enabled Android or Wear OS devices to tap to pay in stores.
“It’s a practical way to teach children smart money habits and give them independence, all without needing to open a bank account,” Google said.
Family Link integration
Parents can set spending limits and track transactions in real time. They can also lock or unlock the balance instantly, a feature that’s useful if a child loses their linked device.
At launch, parents will be able to transfer money directly from their accounts; the ability to schedule automated regular payments is coming soon. Everything is managed through Family Link, Google’s parental control app.
The feature is available only in the US and is rolling out now.
The secure balance joins other Google Wallet functionality for kids, which includes giving them access to loyalty and gift cards, library cards, boarding passes, and event tickets.
Playing catch-up
Until now, Google Wallet has been behind the game when it comes to offering a way for parents to give their kids some financial independence with guardrails.
Android users have had to use apps like GoHenry and Greenlight for similar functionality, while Apple users have had Apple Cash Family on devices for years.