Member Exclusive, New banks

Family matters with Family Money: Verizon’s new financial app for kids

  • Family Money is a financial literacy app for kids aged 8-17
  • The app fits in with Verizon’s other family-focused products and services.
close

Email a Friend

Family matters with Family Money: Verizon’s new financial app for kids

On June 15, Verizon announced the launch of Family Money, an app designed to help kids foster their financial literacy skills. Family Money is the second financial product and the latest family-centered product from the telecom company, who worked with fintech Galileo to build and manage the app.

Family Money is designed to help its customers’ kids understand how finances work so they can develop crucial financial skills like spending, budgeting and saving. The Family Money app comes with a spending account, a prepaid debit card issued by Metropolitan Commercial Bank, and a savings vault. 

The app is monitored with the help of a parent account. Parents can set up the parent account on Family Money to assign chores and rewards and manage allowances. The app also allows parents to keep a watchful eye on their kids’ finances, with real-time alerts and spending notifications. Parents can also set spending limits on the spending account, and lock or freeze the debit card if it gets lost or stolen.

For Verizon, it was important to follow up their first financial services product, Verizon Visa Card, which was launched last year, with a family-friendly product that was in-line with many of their other offerings. 

“Families are a key focus area for Verizon,” says Todd Oberstein, executive director of product management and development at Verizon. He puts forward Verizon’s Mix & Match Unlimited plans, Verizon Smart Family service, and GizmoWatch -- all family-focused products that enhance the family experience with Verizon. Mix & Match allows family members to customize their phone plans; Verizon Smart Family is a location and control app for parents; and GizmoWatch is a smartwatch for kids that’s basically a phone that consolidates features like location and fitness tracking.

SPONSORED

Oberstein says that Verizon’s research shows that parents want their kids to manage their money better and that middle and high-school aged children are most interested in learning how to do that. 

“With Family Money, we want to help parents enable their kids to take charge of their financial future and provide a secure and controlled platform for their kids to explore, learn and become financially responsible,” says Oberstein.

As a telecom company, Verizon sought Galileo’s expertise in payments and banking infrastructure to build the app. Galileo provides the APIs needed to create Verizon Family Money. The fintech also helps support and manage the everyday needs of the Family Money program.

“Galileo has one of the top technology stacks for a product like this and a lot of experience in similar areas,” says Oberstein.

The app allows up to five kids per parent account. In order to open a parent account with Family Money, customers must be 18 years or older. Kids accounts are designed for kids ages 8-17.

Verizon and non-Verizon customers can download the app from the Google Play and Apple App Store. After, they can create a Verizon Family Money account and link a verified bank account. The app comes with a 30-day trial period, after which the service auto-renews for $5.99 per month, charged on the parent’s Wallet in the app. 

This week, Verizon also celebrated the anniversary of the launch of its first financial services product, Verizon Visa Card. Customers can use the credit card to build Verizon Dollars and redeem them for perks, like a lower monthly wireless bill or 5G tech. On its launch anniversary on June 28, Verizon extended redeem rewards on non-Verizon products like gift cards to hotels, flights and car rentals. 

0 comments on “Family matters with Family Money: Verizon’s new financial app for kids”

New banks

Rebundling banking services: Are fintechs trying to be more like banks?

  • Why are fintechs that have grown to a certain size continuing to pursue a banking license?
  • Luis Trujillo, CCO at Alviere sheds light on whether acquiring a license guarantees a successful banking business model for fintechs and if it constitutes a threat to banks.
Sara Khairi | January 09, 2023
Banking as a service, New banks

The Big Bank Theory Conference 2022: All session videos

  • Tearsheet's Big Bank Theory Conference brings together the most innovative players changing the face of the financial institution.
  • Here are the videos from this year's conference, held in December online.
Shabih Rao | December 21, 2022
Modern Marketing, New banks

Embracing ‘side bank’ status: 5 questions with Aaron Wollner, CMO of Quontic

  • As a community bank turned digital bank, Quontic has its own unique challenges in sticking out of the crowd.
  • In this Q&A, CMO Aaron Wollner talks about what’s new in the digital bank’s campaign work and how it’s been shifting its messaging to fit the current financial climate.
Rivka Abramson | October 19, 2022
New banks, Sponsored

Creating a winning neobank strategy through differentiation

  • There is a notable opportunity for neobanks to fill gaps that currently exist in traditional financial services, especially since they are free of the restraints of dated technology.
  • However, to be effective, they must identify a primary differentiator or central mission and then build the user experience around that north star.
Praxent | October 18, 2022
Member Exclusive, New banks

Banking Briefing: Will WFH become a thing of the past?

  • Banks are pushing to get employees back in the office – but what will that do for their efforts to attract tech talent?
  • Meanwhile, gender inequality is alive and well in the banking industry. Here’s what one bank is doing to try and solve that.
Rivka Abramson | September 12, 2022
More Articles