Google announced on Thursday, the 6th, a new feature for Google Wallet, allowing parents to set up a digital wallet with funds designated for children under 18 years old. This addition aims to help children and adolescents develop healthy financial practices while providing guardians with means to monitor and manage spending.
With this update, parents gain the ability to stipulate daily spending limits, check the record of all transactions, and choose to receive alerts whenever a purchase is made. Additionally, it is possible to suspend or reactivate the account if the child's device is lost, as well as implement a temporary pause on payments to block new purchases at any moment.
This new feature puts Google Wallet in competition with other solutions aimed at families, such as Apple Cash Family, which allows parents to transfer funds to their children, track movements, and impose restrictions on spending.
Furthermore, Google now competes with services like FamZoo and Greenlight, which provide prepaid cards and educational resources to teach young people about finance. Children will be able to make contactless payments at locations that accept Google Pay using Android smartphones or smartwatches with Wear OS. The company states that the goal is to empower young people to manage their own money without the necessity of having a bank account.
Currently, this novelty is only available in the United States. Google has not yet communicated plans regarding the expansion of the feature to other countries or a timeline for such implementation.


