monobank has launched a «Ask your parents for money» feature for children. In the app, children can specify the amount they need and add a comment, after which their parents will receive a notification and decide whether to transfer the funds. The launch was announced by mono co-founder Oleg Gorokhovsky.
Briefly about the main points
- The request for funds includes the amount and a comment from the child.
- Parents can approve the transfer or reject the request.
- A decision must be made within 24 hours.
- You can create no more than five requests per day.
- This option supplements the existing mono children’s card.
How the new feature will work
Once they have received a request, parents can either transfer the money or decline it. They have 24 hours to respond. The child is limited to no more than five such requests per day.
A funding request has been added to the existing children’s service
The new product is not a standalone card: it complements the mono children’s card, which was launched in 2020. On the service’s webpage, the bank states that the card is intended for children aged between 6 and 14.
In the app’s parental control section, you can set transaction amount limits and spending limits for specific categories. The decision to authorise a transfer on request therefore complements the existing rules for using the child’s card.
