Google has added a new financial management feature to its Google Wallet app for users under 18. The new feature allows parents to create a secure balance for their children while also keeping an eye on their spending.
According to the company, parents will be able to set daily spending limits for their children, track their entire transaction history, and receive notifications for every purchase. In addition, if the phone is lost, it will be possible to remotely lock or reactivate the account, as well as temporarily stop payments at any time by applying a "spending pause."
Thanks to the new feature, children will be able to make contactless payments using Android phones and Wear OS smartwatches at any location where Google Pay is accepted. Google says this approach will help teach children to manage their personal finances without opening a bank account.
The new feature brings Google Wallet closer to competing services such as Apple Cash Family, as well as startups that offer financial literacy solutions for children such as Greenlight and FamZoo.
The feature is currently being rolled out in phases in the United States. Google has not yet shared any information on when it will be available in other countries.
Last year, Google allowed children to make digital payments through Google Wallet in some countries under parental supervision. With that update, children could also store event tickets, library cards, and gift cards in Google Wallet.
