Nubank account for under-18-year-olds now features Parental Control tool
The feature allows adults to monitor their children's transactions in real time; the company expanded the account access to 10 and 11-year-olds
Aug 23 , 2023
São Paulo, August 23, 2023 – Nubank, one of the world’s largest digital financial services platforms, announces the launch of the Parental Control feature for its more than 1.2 million under-18 customers. The feature allows legal guardians to track their children’s transactions in real time through the app. It will be available to the entire user base gradually.
“We want to encourage family dialogue about money, and the introduction of the Parental Control tool reflects our commitment to promoting financial education from an early age, strengthening the relationship between parents and children in this aspect. This new feature allows guardians to closely monitor their children’s financial transactions, offering even more security and peace of mind,” explains Livia Chanes, Leader of Operations at Nubank Brazil.
The Parental Control tool allows guardians to view incoming and outgoing money, such as debit card expenses and Pix transactions. In the future, the goal is to also provide information such as account balance, earnings, and total amount saved in Caixinhas.
Launched in July 2022, the under-18 account is now available for young people aged 10 to 17, as long as the legal guardian is a customer and makes the request through the app. To meet the needs of more young people, Nubank has just expanded the age range, which previously started at 12 years old. In a survey conducted last year, the company found that young people have about 20% higher engagement with the product than the adult audience.
To use the Parental Control tool, the adult simply needs to access the Nubank app, tap on the profile icon on the home screen, and then click “Account for under-18-year-olds”. If there is more than one account to manage, select the desired account and click “Continue”. After this step, it’s possible to access the Monthly Transaction History and view all the incoming and outgoing money from the child’s account.
It is important to note that Parental Control is a viewing and monitoring tool, and it does not allow transactions or movements in the minor’s account.
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