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Digital Pocket Money Apps: Pros And Cons, How They Work

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Digital Pocket Money Apps: Pros And Cons, How They Work
Digital Pocket Money Apps: Pros And Cons, How They Work
Neelanjit Das - 29 October 2022
If you grew up during the 1990s, you probably got your pocket money in the form of crisp notes or mint-fresh coins. That little wealth allowed you to savour delicacies at the neighbourhood samosa shops.  Now, youngsters turn to their mobiles, be it for watching movies, listening to music or ordering clothes or online. In keeping with the changing times, several fintechs have also begun facilitating payment of pocket money through apps or digital wallets. They offer the convenience of online and offline transactions via virtual and physical debit cards. As a matter of fact, pocket money is a good way to teach healthy financial habits to children from an early age. Says Parul Maheswari, a certified financial planner, “Starting to learn personal finance from an early age can help people later. By giving pocket money, parents can inculcate healthy financial habits among children by helping them differentiate between good and bad purchase decisions.” What Are E-Pocket Money Apps? These apps work on the concept of pocket money, but maintain accounts over physical money. A...
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