Getting and managing pocket money from their parents can be a problem for many youngsters. One of CYFI network partners, the UpUp app, with the support of MasterCard, has produced an easy and fun solution for this problem.
Launched on March 1st, the UpUp app will be available in both App Store and Google Play as a free app that can help children ask their parents for pocket money with pictures and comments, discuss the purchases and financial affairs in the interactive chat and instantly make cashless transfers from parent’s card to the child’s card. The app is aimed for both children and parents with the vision to solve translaction issues and increase financial literacy of children, using “learning by doing” method.
The UpUp app, together with the Social Card of Muscovite, were awarded CYFI Banking product endorsement in 2015, that is given to banking products by institutions from CYFI network that comply with the necessary set of Child & Youth Friendly Banking Products Principles, applicable to current and savings banking products. The Social Card of Muscovite is a multifunctional card offered by Bank of Moscow and the Department of Information and Technologies of Moscow city in Russian Federation.
From 2016 the Social Card of Muscovite will also include the UpUp app as additional functionality. The Card targets pupils and students of public and private state-accredited institutions of primary vocational education, secondary, secondary specialized educational institutions and full-time students of higher educational establishments of the city of Moscow.