Thanks to PKTMNY, doling out pocket money to your kids no longer requires putting your hand in your pocket. The new service lets you automatically top up a pre-paid debit card for your little angel, while setting limits and controls on what the ankle-biters can spend and where.
Parents of 8-16 year-olds set up an online account and choose an amount to transfer from their bank straight to the card, which loads up automatically every week. Kids get their own account, where they can log in and see their balance.
Parents then set where their rugrats can use the card and how much they can spend. They can also choose whether the card will work at cash machines, in shops and online. The card automatically declines purchases in banned shops and places where nippers shouldn't be, such as off-licences.
Family members can also give gifts such as birthday money through the service.
The card is a contactless Visa card, so if you okay the card for use in shops, children can pay for stuff worth up to £20 by simply holding it to the reader at the till for a moment. Contactless cards don't require a PIN so your kids don't have to remember a number -- but if anyone nicks it they can use it too without having to enter a PIN.
I suggest setting a PIN anyway. A PIN is both a security feature and a deterrent to thieves who know that simply half-inching someone's card is a waste of time without the number, so an unsecured card is the same as cash and could make kids a target for wrong'uns.
With contactless cards, Visa covers fraudulent transactions, so if someone shady does use your card you'll get the money back. Providing that cover is the main reason Visa limits transactions to £20.
PKTMNY launches today, with apps to manage the card and view balances for iPhone, iPad and Android coming in the next few months. Is PKTMNY a good idea? How do you teach your littl'un about money, or is personal finance something schools should teach? And how much pocket money did you get? Cash in your thoughts in the comments or on our Facebook page.