1. What makes us different?
What makes Taby different from the other e-wallets is that Taby gives each user - parent and child - the autonomy to manage their own accounts. This creates trust and transparency between the two user groups and allow for deeper money conversations. We aim to deliver compelling solutions that are designed specifically for the younger age group and our mission is to harness the benefits of digital and cashless payments to equip the young with good financial literacy skills.
2. Is this free?
Yes! The app will be made free of charge. We want to help parents to be comfortable and confident in their children adopting cashless and digital payments. We will not be charging our services for basic functions. So feel free to register your interest, that's free too!
3. Isn't it unnecessary for a teen to own a card?
Give the society about five years, and cash could potentially be eliminated. With the advancement of financial technology, we can design a product that caters to the younger age group.
Cashless and digital payments record transactions in real-time. Our card is coupled with a mobile app, allowing parents to monitor their children's spending while giving them insights to help tackle bad spending habits. It is primarily a tool for parents to teach their children good money habits while at the same time giving them the ability to transact digitally. Furthermore, unlike cash which is transacted across many hands resulting in spreading of germs, a card is a much more hygienic option.
With the advancement of technology, our cards are virtual. What this means is that children can pay with the app on their phones similar to what they could do on Apple Pay and Google Pay.
4. What if my child spends unnecessarily or loses their card?
Losing a card may sound more dangerous than losing cash. Teenagers are at the age with the ability to manage their expenses and parents should allow them to do so, even if they fail.
With Taby, parents control the amount of money issued to their children at a scheduled pace. This helps the child to portion their money wisely to reduce unnecessary spending. Above all, we shape our user experience to encourage a culture of saving up rather than spending loosely!
But most importantly, Taby allows you to lock up your child's account anytime, anywhere with a press of a button. Replacement cards will be issued at a flat fee.
5. Does the invisibility of money mean that children will
lose control of their spending?
Giving your child a debit card does not necessarily mean that your child will lose control of their spendings. Of course, the invisibility of money makes managing money harder and trickier.
However, parents need to know that their children will grow up being adopters of such debit/credit cards. They are going to be affected more than adults today who have been using credit/debit cards, online payments and contactless payments for years. Children could potentially never have the experience of handling cash, or of thinking about money in more tangible terms.
"It is thus important that parents find ways to boost kids’ financial literacy at an early age. Budgeting and saving are NOT going to come naturally to your kid, much less so if he is paying for things digitally."
- Joanne Poh, an editor from Money Smart SG wrote in her blog.
6. What is a Prepaid Card?
A Prepaid card is a preloaded payment card designed to be used in a variety of ways. What this means is that users have to load money into the card using their own debit/credit card and only the funds in the prepaid card can be used. A prepaid card can be connected to smartphones, and this allows for the creation of a full range application - in our case, an e-wallet!