On October 26, BBVA introduced a new version of the app in Spain dedicated to young people between the ages of 14 and 17, with the BBVA Aqua Débito card associated with them without the need to issue or maintain it. This system allows young people to make balance inquiries, recharge mobile phones, withdraw cash in ATMs with their passwords without a card and do Bizum, provided that parents or legal guardians have contracted this service for the minor with a debit card. limits accommodated. In addition, parental monitoring takes a central place, because the father or mother will be able to control the activities that their child performs from their BBVA notifications and real notifications.
BBVA thus becomes the first financial entity in Spain to adapt its “app” for children under the control and supervision of parents.
Success of the ‘app’
60% of BBVA customers in Spain between the ages of 14 and 17 who use the BBVA “app” have been authorized by their representatives to pay in electronic stores with Bizum. They have already completed more than 105,000 operations in more than four months, which means more than 700 operations per day. The average amount is about 25 coins per purchase. Bizum was established as one of the services that young people used to send and receive money.
In addition, the teenager can also recharge his mobile.
Training and advice
And, so that they can learn to manage their money responsibly from a young age and have a better financial health in the future, they have financial education content to learn with the section “your money from scratch”, a series of short tools to promote the good use of money and have almost 9,000 opinions . This is an initiative that helps them learn more about their finances and facilitate their immersion in digital banking channels, while also bringing them closer to the most common operations to which they have access. Inside it contains three parts. From “Despega BBVA”, young people receive tips to prevent fraud and learn to use the BBVA tablet and mobile application. In the “Profit Impact” section, the financial institution provides information on “online” purchases or tips to save in a simple way, while, in “Fly high”, young people find videos with information on knowledge, behavior and financial behavior. .
Online account for minors
In short, 100% online accounts for minors, with the Aqua Debit card and app, gives them the opportunity to start without fees in their account, while allowing them to enjoy greater autonomy as they do it step by step. he should learn to manage his money on his own. All this with spending limits set and managed by their Patron so that the minor can safely pay.
For its part, the BBVA Aqua Débito card does not have its number (PAN) or expiration printed, it also has a dynamic CVV that ensures security in all operations, even minors can withdraw money from ATMs or make purchases. The maximum limit is 200 coins provided by the parents.
Finally, as regards minors between the ages of 0 and 13, registration as a new customer must be carried out only in person at the bank’s offices and always through their patrons.
Education for good financial health
One of the goals of this BBVA project is to bring financial health closer to the smallest, because it brings benefits not only to financial well-being, but also to physical and mental well-being. Experts say that it is essential to start managing money from an early age so that these habits accompany them in all stages of their lives. In fact, this is one difference between Spain and other countries. Doctor in clinical psychology Laura Rojas-Marcos, who has been promoted by different meetings as a partner of the entity for its vision on when and how to direct the economy, emphasizes that the Anglo-Saxon culture teaches the economy to manage something from childhood. which, according to opinion, “is to be.” He also points out that it is important to “learn to tolerate frustration. There are people who spend their entire salary, do not plan, seek immediate gratification and this is important to control because health problems, mental problems and financial problems arise from it. Prevention is also a fundamental system and in this, the power of the will, plays an important role. If you save part of the profits, for example, you will have a mattress that will allow you to live more calmly and contain anxiety.