Russian bank launches app to teach children about finances

Russia’s Post Bank has introduced a mobile app for children aged 8-14 as a way of teaching them how to make educated financial decisions. The app allows the children to collect money, shop online and make payments, with distant control measures offered to their parents. The app is based on a virtual Visa card issued to the account of an adult client of the bank. The child can then use the app for contactless payment via Android Pay or Samsung Pay. The adult client can replenish the balance on the card, control transactions, set spending limits and permit or prohibit certain actions (e.g. online shopping, money transfers).