Swiss digital challenger bank Yapeal recently released a new digital banking service for children and youth. Called Yapini, the offering is aimed at enabling money management services for young customers.
Yapini comes with savings, digital payments and financial security features, as well as a debit card. For parents with a paid premium account at Yapeal, the Yapini service is free.
Users of Yapeal’s Private or Private+ service will gain access to the bank’s Yapini offering, whereas Loyalty users can test the service for free over three months. Parental controls are enabled on Yapini accounts, including spending limits on Yapini debit cards.
The solution has been developed in close conjunction with parents and is available to users above the age of seven.
Youth banking is gaining popularity
Youth banking has gradually been picking pace in the EU. For instance, Revolut introduced similar parent-control Junior accounts for young customers last year. Aimed at children aged between 7 and 17 years, Revolut Junior integrates directly with the parent’s main Revolut app.
Elsewhere, Fintune has the Finny Kids app for children aged 7-12 years, parents can open a children’s account with KBC, and other similar solutions such as Kard, PixPay and Xaalys also cater to this market.
