Jassby, Inc., a U.S.-based family finance mobile app startup, announced on Tuesday it has teamed up with Mastercard to introduce a virtual debit card specifically for children. The card’s announcement comes just a little over six months after Jassby raised $5 million through its recent investment round.
As previously reported, Jassby stated it has developed the “next big payment system” that offers families a service through which kids may receive money from their parents and grandparents and may then save, donate, or spend all on a safe, controlled and fully digital platform.
“Combining a digital wallet and shopping app, Jassby provides kids with everything they need in order to be financially independent and start building good habits that connect how much they “have” to what they “want” all in a secure Walled Garden.”
According to Jassby, the card will provide kids with more options to spend money from chores, allowance, rewards, or gifts.
“Along with the Jassby Shop, which offers over 20,000 products, kids can make purchases anywhere contactless payments are accepted through their mobile devices. The Virtual Debit Card will be offered with no fee for the first six months and will continue with no fee as long as it’s used once a month.”
Benny Nachman, founder and CEO of Jassby, spoke about the debit card by added:
“The Virtual Debit Card is another example of putting our customers first and delivering a product that meets a growing need in the market. I started Jassby to prepare my kids for life in the real world and thousands of families have joined us for the same reasons. With continued support, we’re able to empower kids with the hands-on financial experience necessary for today’s new normal.”
The debit card will be making its debut soon.