YouTrip launches YouTrip Family, a safer way for parents to give their kids money

To that end, the card serves as a platform that allows parents to dole out spending money at regular intervals, adding a layer of security to transactions and making their child less of a walking target, since they wouldn’t be plodding about with a fat stack of bills.

How to set up YouTrip Family

The main YouTrip user (parent) must sign up for a Child account in the app and complete the Singpass verification process.

Once done, the child’s YouTrip card arrives between 5 and 7 working days. The app will also show the card’s control features, including real-time notifications and parental controls.

The card-carrying children do not need to download the YouTrip app to their phones, but it would be helpful, as the app can show them their card’s balance and past transaction history. Logins are linked to the child’s registered mobile number, email address, and 2FA, with the verifier being their parents’ YouTrip app.

Additionally, it comes with all the YouTrip features one would need. Top-ups can come from the parents’ main YouTrip balance, via linked bank accounts, or via PayNow. It can also be linked to the child’s phone’s payment communicator, such as Apple Pay and Google Pay (app download required on the child’s phone).

The child card can also withdraw cash from overseas ATMs (2% fee), and parents can set spending permissions to teach personal finance literacy, such as savings, spending, and money accountability. In adverse situations, the parent can also help freeze a lost card. That’s not forgetting that it can also function as a local spending card and has a zero FX fee structure across other currencies.

The catch is that child cards are not included in YouTrip’s Perks programme (the Perks tab inside the app).

Each main YouTrip user is entitled to one YouTrip Family card per child, up to 10 children (aged between 7 and 18 years old). Too bad if you’re the 11th kid of your parents, though.

Many of our users today, including myself and many of our colleagues, are parents. YouTrip Family felt like a very natural next step as we guide our children toward smarter, more relevant ways of spending. It bridges the gap we notice about traditional allowances and the digital world we live in today, and gives parents a modern and secure way to introduce digital spending habits early, while helping children build financial independence at a young age, whether it’s at home or while travelling.

Caecilia Chu, Co-Founder and CEO of YouTrip