PKTMNY launches out of beta to offer kids pre-paid debit cards and ways to manage their cash

The online space wants your kids pocket-money, and it’s getting more competitive about it. Today sees the release of PKTMNY, where, as you might expect, kids can manage their finances under parental supervision.

In addition to services you may have seen before, PKTMNY also provides an account for eight to sixteen year olds to have a contactless, pre-paid VISA debit card. The card settings can be personalised by parents to control where and how much their offspring can spend.

It is also linked to an online platform with interactive, age appropriate tools are available to encourage learning about management, saving and spending. (I can think of a few adults who might benefit from something like this.)

The service has been developed by a group of parents who noted that kids get left behind when it comes to cashless money. Indeed there is a need for kids to learn about how payment by plastic works and by starting early, there’s hope they might not get into trouble further down the line.

PKTMNY was launched in beta in August and parents from the BritMums blogging network helped to test and form the functionality of the service.

Mark Timbrell CEO and founder of PKTMNY believes kids should learn early when it come to personal finances. He said:

“As a parent, I know just how difficult it is to teach children about money, especially as the school curriculum focuses on using cash and visiting banks neither of which reflect how children see money being used. PKTMNY has been designed so that in using it children learn the value of money and through doing, gain the financial skills that will prepare them for the world they will grow into.”

PKTMNY has a gifting service where relatives can add things like birthday and Christmas money securely. Parents can set up a  Family Network for their child and then invite relatives to add their gift.

There’s also a PKTMNY Shop that is in development that will carry special offers and discounts designed to help family money go further. This is integrated within the comapny’s platform and provides carefully selected age appropriate retailers including The Entertainer, Superdry, Hamley’s, New Look, Zaavi and more.

PKTMNY is moving apace to provide different ways for kids to get used to online banking. Within the coming months, it expects to have iOS and Android apps for parents to top up their kids stash.

With the addition of PKTMNY to the likes of RoosterBank which rolled out just last month and Agent Piggy which we noted at TNW’s Latin American conference, the market for kid’s cash is growing. Maybe the next site we see will be one that compares financial services for the under 12s so that they can choose their own method of learning.

Image Credit: Justin Sullivan / Getty Images