Mobile Wallets Are the Piggy Banks of the Future
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When was the last time you used paper money for anything? That thought crossed my mind as I was giving my daughter her weekly pocket money, in notes and coins of course. As someone who’s worked for the last decade on mobile financial systems, the irony didn’t escape me. Why is it that I give my kids pocket money to instill the habits of budgeting and saving — that is, getting ready for the real world — but still provide them with physical money they store in the piggy bank their grandparents bought them? Wouldn’t it make more sense to teach my children how to manage digital money, which I firmly believe is the future of all money? I’d ra t her not open them a bank account or introduce them to the mobile wallets I use — I am not that modern a father. I want them to learn and have fun doing it, but I’d still like to view and control their activity. And I would like their relatives to be able to play a part, just as easily as they would have dropped a coin in their piggy bank. ...