RBC Ventures rolled out money management app and Smart Card for kids

Mydoh gives parents everything they need to make raising money-smart kids easier

RBC

RBC Ventures rolled out money management app and Smart Card for kids. Source: pexels.com

RBC Ventures has developed Mydoh, a money management app and Smart Card that helps kids make their own earning and spending decisions.

The Mydoh app is available on iOS and Android devices across Canada, and is offered and operated by Royal Bank of Canada. While backed by the security and trust of RBC, Mydoh is also available to customers of other Canadian banks.

Good money management habits are not innate. Like any life skill, they need to be learned early. Mydoh helps make this experience fun and engaging. My inspiration to create Mydoh came from my own start in saving money when I was earning allowance as a child. I started putting away a majority of that money, which helped me develop responsible habits. When I started earning my own money, the saving instinct was already hard-wired in my mind
Gaurav Kapoor, founder of Mydoh

Using advanced digital ID verification, Mydoh allows parents to securely sign-up in less than 5 minutes. Parents then invite their kids to create their own personalized account on the platform to access a digital Visa Prepaid card upon sign-up. Afterward, they receive a physical Visa Prepaid card. Parents can lock and unlock their child’s card at any time.

The physical Visa Prepaid card only bears the holder’s name and expiry date on it but does not include the card number or other credentials.

The card credentials are only available in the Mydoh app.

We’ve reported that Apple introduced NFC student IDs in Canada.

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