Bling Card has teamed up with SocGen-owned banking-as-a-service (BaaS) firm Treezor in order create a prepaid pocket money card and financial education app for children in Germany.
With the Bling Card, kids and teenagers are able pay independently and securely at merchant outlets in Germany. This includes making payments at online stores. The firm has reportedly brought in independent certified educators and experts to include a host of money management tips to the app.
Parents are able to set certain spending limits and the app can send money immediately, while also providing the option to reward children for completing assigned tasks.
In its first move into German markets, the French company Treezor had been brought in to assist with the technical and regulatory payment functions.
Nils Feigenwinter, CEO at Bling Card, stated:
“We were looking for a BaaS partner that brings years of experience, doesn’t compromise on security and compliance, yet can keep up with our record pace.”
The firm’s management noted that Bling makes Germany “money wise.” All functions and aspects of bling “follow a so-called scaffolding approach that relies on intrinsic motivation.”
The Bling team adds that what “sounds pretty complicated now is actually very simple: Bling gives your children the basis to become financially independent.”
The company adds:
“So that the Bling card and app are good educational companions, we base the entire development on the findings of our specialist group. This consists of experts from the fields of child-rearing, education and finance. And of course from parents. Because only a consistent and well implemented learning concept also has an effect.”
The firm also notes:
“In the educational-psychological context, scaffolding means that learning processes are optimized by means of instructions, food for thought and other aids. This is exactly how our app works. You can think of this as a kind of framework with helpful functions that at some point will no longer be needed as your child has learned how to deal with finances.”
