This new service is closely supervised by parents, who can provide each child with an Obopay account linked to their own mobile phone. With Obopay, the children can make purchases freely, while parents get the tracking and control they need to ensure financial guidance.
As more consumers fell in love with Obopay’s mobile payment service, parents began asking for a way to get their kids involved, said Ramy Mora, vice president, consumer marketing. With our new sponsored accounts feature, those under 18 are able to get in on the fun, and parents rest easier knowing their kids will always have cash in hand when it’s needed most.
The payment solutions company found that 70% of the youth in the US carry a mobile phone and are more likely to carry a mobile handset than their keys or wallet.
Teenagers who use this service can spend their allowance more easily, have real-time access to emergency funds and, in the process, learn fiscal responsibility.
