Google Wallet gets new parental controls for kids' spending
What's the story
Google has announced a new feature in its digital wallet service, Google Wallet, aimed at helping parents teach their children healthy financial habits. The update allows parents to set up a secure balance for their kids under 18. This way, they can keep an eye on their child's spending with built-in safeguards.
Control tools
Parents can set daily spending limits and check transaction history
The new feature in Google Wallet comes with a host of control tools for parents.
They can set daily spending limits, check their child's transaction history, and receive notifications whenever a purchase is made.
If the child's device is lost or stolen, parents can lock or unlock the account remotely.
There's also an option to activate a temporary "spending timeout" to pause spending at any time.
Market competition
Google Wallet now competes with Apple Cash Family
The launch of this new feature brings Google Wallet in line with other financial tools like Apple Cash Family.
The latter allows parents to send money to their children while monitoring transactions and managing spending controls.
It also puts Google against startups such as FamZoo and Greenlight, which help parents teach their children financial literacy through prepaid debit card systems.
User autonomy
Using Android devices to pay wherever Google Pay is accepted
The new feature in Google Wallet allows kids to manage their own money without needing a real bank account.
They can use their Android device or Wear OS devices to tap and pay wherever Google Pay is accepted.
The update is currently being rolled out in the US, but it's still unclear when or if it will be available in other regions.
Past enhancements
Last year, Google introduced supervised digital payments for kids
The latest update builds on Google's announcement last year that parents and guardians in select countries can allow their children to use digital payments on Android devices under parental supervision.
A payment card could only be added with parental consent, and parents received an email whenever their child made a transaction.
Last year's update also allowed kids to use Google Wallet for supported passes like event tickets, library cards, and gift cards.