Would You Give Your Kid A Mobile Wallet Now That GCash Jr. Is Available?Kids between the ages of 7 and 17 are now eligible to have a GCash Jr. account. Here are 3 money lessons you can give them along with this responsibility!
GCash on Monday launched Gcash Jr., an e-wallet made for kids and teens, in an effort to provide young Filipinos a secure way to manage their finances and transact online.
Unlike the original version which is only available to Filipinos aged 18 and up, GCash Jr. is a mobile wallet for kids aged 7 to 17 and is accessible within the main GCash app.
How can having an e-wallet be an opportunity to teach money lessons to your kids?
1. Make them copycat your good money habits.
Kids are taking after their parents not so much by what they, but what they do. Kids are copycats and parents are their models. They already see you transacting online and using GCash or something similar to pay for bills, order delivery, and even save or invest. Having their own e-wallet allows them to apply what they're learning from you -- and you can both course correct as you go along the way.
2. Let them see the value of money.
Money is a concept. Paper bills and coins are representations of its value. There's a reason why elementary math uses pictures in problem solving -- it's just easier to understand when you're trading the value of your currency with a bunch of bananas, donuts, or balls.
With kids having access to the visual display of how much money they have -- and how much is deducted when they spend, most importantly! -- then they can begin to understand the tangibility of this resource.ADVERTISEMENT - CONTINUE READING BELOW
3. Allow them to earn, spend, and save.
Success requires practice. That goes for financial success as well. Start now with your kids.
Whether you're giving them allowance or a budget when they go out with their friends, let them hold money. Perhaps allow them to earn extra through chores or other incentives, especially if they have a goal such as buying an online game or piece of clothing.
Kids these days are exposed to online advertisements, sales, and brands. They're already giving their attention for free. Let them exercise some responsibility when it comes to their money and where they spend it.
What's the limit?
Each e-wallet has a maximum capacity of P50,000, and a limit of P10,000 for daily incoming and outgoing transactions.
What do you need to register?
Here are the accepted IDs for GCash Jr.:
- Student ID
- National ID
A photo of the minor's birth certificate will also be uploaded.
As a safety measure, parents will be required to input their fully verified GCash account for reference. A selfie will also be taken along with the ID submitted by the minor.
Once all requirements are submitted and assessed, users will receive a text confirmation as a fully verified GCash Jr. user.
What are the features?
So far, the following services are available on GCash Jr.
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- Online payments
- Buying load for their gaming credits and skins
- GLife for food deals and the fashion
According to GCash, the junior version will be home to "exclusive fandom deals, gaming vouchers and discounts, premium access to their favorite shows, music, and so much more in a trendy user interface made just for them."
Based on GCash Jr.'s promotional video, the app may be used for Lazada, BeautyMNL, Shein, Zalora, and even Weverse.
For gamers, the app can be used for Razer Gold, Mobile Legends Bang Bang, Valorant, Genshin Impact, and Codashop.
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