Cashless kids: How digital wallets are replacing pocket money
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Oliver Png, 13, used physical cash to pay for things when he was younger, and was given an OCBC debit card for children in early 2025, when his mother felt he could better grasp how to manage money.
PHOTO: WONG TZE WEI
- Digital payment options for children and teens provide convenience and adaptability to the increasingly cashless environment, supporting everyday expenses and overseas travel, while incorporating parental controls for spending limits and transaction monitoring.
- Parents and financial experts emphasize the importance of teaching children money management skills starting with physical cash to understand the value of money, then gradually transitioning to digital payments as children mature.
- Experts stress that children learn by observing parental behaviors and that money should be taught as a neutral tool to meet needs, enjoy experiences and achieve goals.
AI generated
SINGAPORE – In the last five years, banks and fintech firms have rolled out digital payment options designed for children and teens. But are young people ready to manage their own money this way?
Digital transactions are effortless – just a tap of a card or a scan of a QR code. Because of this, people, including youth, may not feel the same “pain of paying” that comes with handing over physical cash.
