With society moving toward being cashless, parents might find it more difficult to give their kid some money. It might be a rare occurrence to actually have cash to hand out.
So how do we help facilitate our kids buying things?
Do you hand your 12-year-old your credit card to walk to the neighborhood convenience store?
What other options are there if you don’t have cash lying around?
Enter tap-to-pay for kids.
Google Wallet tips
Apple has allowed kids under age 13 to use Apple Cash for a while; more on that later. But Google Wallet is currently rolling out access for kids younger than 13.
Most financial institutions don’t offer debit or credit cards to children that age, so Google’s move gives parents the chance to supervise an account for their child. Parents can link their debit or credit card to their child’s account and use Google’s Family Link to track purchases.
Kids will be able to use digital payments on their Android devices (phone or smartwatch) in stores, and their moms and dads will get an email whenever their child makes a successful transaction.
There are no spending controls available through Google Wallet or Family Link, but your bank or card issuer may offer some.
When kids use tap-to-pay, they’ll need to verify their identity with a PIN, pattern, password or another biometric unlock. With parental supervision and Google Wallet, kids can pay in person, but not online with this feature until they manage their Google account on their own.
Know that when the child turns 13, they are able to choose to manage their own account. While parents will get notified before this happens, they will want to make some decisions before their child’s 13th birthday.
If they feel their child has been responsible and want to allow them to continue to use the debit or credit card linked to the account, they don’t have to do anything.
But if mom or dad feels their 13-year-old still needs financial supervision with Google Wallet, they’ll need to have a conversation.
When a 12-year-old turns 13, they’ll have three choices in Google Wallet: manage their own account, continue with parental supervision or stop parental supervision. Everyone needs to be on board with what happens next.
Not only does Google Wallet allow kids to tap-to-pay, but they can also store library cards, gift cards, loyalty cards and event tickets. It’s a great way to keep everything in one place.
Apple Cash for kids
Kids under age 13 in the iOS universe can get money from their parents in an Apple Cash account. Kids can then use that money to send and receive money via text, plus make purchases in store or online.
The Apple Cash card works anywhere that accepts Apple Pay.
To set up Apple Cash for kids, parents will need to have their own Apple Cash Account, then go through Family Sharing in settings to set up Apple Cash for their kids.
Moms and dads can grant an allowance by setting up a recurring payment for a child. And they have control over restrictions on who kids can interact with via Apple Cash and text. They can allow kids to send and receive money to Everyone, Contacts Only or Family Members Only, which is anyone in the family group.
Parents will need to add a debit card to their Wallet app to send money.
If you haven’t used text to pay someone with iOS, here’s how that works: Open Messages and start a new conversation or tap an existing one. Tap the + icon and then Apple Cash. Enter the amount you want to send and tap send. You can add a comment if you want that to appear in latest transactions for you and the receiver. You’ll double-click the side button to pay and verify your identity with Face ID, Touch ID or your passcode.
You can send money with Messages on any iOS device, including Apple Watch and Apple Vision Pro. The receiver must also have an Apple Cash account.
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