Parents can now provide their 7- to 12-year-old kids with a wearable payment device powered by Google Wallet and GoHenry by Acorns.
The two organizations have partnered to provide this tool to help parents teach their kids how to manage money and spend it safely and responsibly, according to a Wednesday (Aug. 7) press release.
In this collaboration, GoHenry by Acorns, a debit card and financial education app designed kids between the ages of 6 and 18, will be integrated by Google Wallet into the Fitbit Ace LTE, a smartwatch designed for kids between the ages of 7 and 12, according to the release. GoHenry will be featured as a card issuer within the device wallet.
The GoHenry by Acorns app enables parents to set up an automated allowance, make instant transfers and select spending limits, and provides kids with lessons, quizzes and videos that teach core money skills, per the release.
“GoHenry empowers kids growing up in a digital world to learn about and use money in a safe environment,” Acorns CEO Noah Kerner said in the release. “Our collaboration with Google Wallet brings this to life on a wearable payment device, embodying our mission to make every kid smart with money and providing parents with more tools to nurture healthy habits in their kids.”
Ben Greenwood, Fitbit Ace LTE product lead, said in the release: “We’re excited to collaborate with GoHenry to bring tap-to-pay capabilities to the Fitbit Ace LTE, giving parents a valuable tool to instill responsible spending habits and help kids gain confidence while they learn important money skills.”
Acorns acquired GoHenry in April 2023, with Kerner saying at the time that the move would “accelerate our roadmap and deliver financial wellness to the whole family through all of life’s stages.”
At the time, together, the two firms had nearly 6 million subscribers.
In another partnership announced this week, Google partnered with financial education-focused FinTech Greenlight to connect Greenlight’s debit card to Google’s Fitbit Ace LTE.
This collaboration aims to help kids learn to “spend wisely,” tap to pay with their smartwatches, and have safe and easy access to funds as needed, without using a phone or physical card.
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