Cash cards for kids: digital banks race to capture the next generation

LONDON (Reuters) – When John Hibbs’ daughter Xanthe received her first bank card in the mail, the six-year-old spent the next week Googling how to buy a horse.

Hibbs and his wife Kate had got Xanthe a newly launched children’s debit card from UK digital bank Starling, one of a number of new offerings from fintechs aimed at children and teenagers.

“The earlier we can start the learning process of using a card, the earlier she can learn that you can’t just go out and buy a horse,” said Hibbs, who runs a charity.

While traditional banks have long offered basic savings accounts to children, fintechs say they have spotted an opportunity to offer better, slicker apps to tech-savvy kids and teenagers, who they say have been under-served.Reuters News

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