Gift your child a smart prepaid card

The new year is barely a week away and it’s a good time to gift your child financial literacy. One way to do this is with a smart prepaid card. Launched by fintech firms (banks partner with them), these cards can teach kids to spend responsibly. Money is loaded onto these cards and kids can shop with them, up to a certain limit that can be set by the parents. Parents with a minimum KYC and full KYC can load up to Rs 10,000 and Rs 1 lakh respectively, per month. Some of these smart, prepaid cards include Fampay, Fyp, Junio, Pencilton and Slonkit.