Initially, Greenlight purchases were made through a physical debit card parents would give to children to carry with them. Now, they can simply add the card to their Wallet app and use it on their iPhone, Apple Watch, iPad, or other eligible devices. Android users, have no fear — the company announced that Android Pay integration is coming soon.
When using the smart debit card, the money available to your child is divided into two parts. It can either be spent wherever they’d like — known as “Spend Anywhere” — or only at places you’ve approved ahead of time known as “a greenlight.” If your child tries to spend money at a store that isn’t approved in advance and they don’t have enough “Spend Anywhere” money, the card is declined and you’ll receive a notification.
All of the information is controlled through the Greenlight app — available for Android and iOS — with customizable alerts to your smart phone. Through the app, you can set and pay certain allowances, send money to your kids instantly, receive alerts on where and when your child uses the card, among other settings. For kids, they can request extra money from parents, learn about budgets, and analyze their spending through reports.
The company expressed its excitement for the integration with Apple Pay claiming that “young people are leading the pay in paying for things using their mobile phones,” said Tim Sheehan, CEO and co-founder of Greenlight Financial Technology Inc. in a press release. With over 4 million locations supporting Apple Pay, the combination of the two definitely makes the process easier on children — who are always on their phones anyways — and parents who never have cash.
The Greenlight debit card will cost you $5 a month per family and you can have up to five children connected to your account, with the option of starting with a free trial. If the card is ever lost, both parents and children can use the app to turn the card off right away.
