A flurry of financial products for families, specifically children, has arrived in the past few weeks, and just in time: the pandemic and concomitant difficulties, financial or otherwise have placed crushing burdens on all but the wealthiest and most privileged of caregivers.
Family-friendly fintech in recent years typically consisted of prepaid cards attached to an account controlled by a parent or guardian, paired with some PFM functionality to give visibility into spending. 2020 has taken this concept to the next level with a new wave of products leveraging mobile devices and everyone from the tech companies, to the big banks, to the fintech startups want a piece of the pie.
Apple AAPL -1.3% is one of the biggest names that took advantage of its ecosystem of devices and services to launch Apple Cash Family. The idea is the same as it’s always been—mom or dad sending money to the kids. Apple Cash Family allows children to make purchases at stores, within apps, in Safari, or in the App Store. Users can also send and receive cash in Messages. Few companies control the myriad of pieces needed to win here from the hardware and the authentication, messaging infrastructure, and a mobile payments platform, all of which Apple has.
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