At a time when any alluring wish is just a finger tap away, do youngsters get enough guidance to spend their pocket money judiciously? When entrepreneur Murad Nathani asked himself this question, he realized the answer was a straight ‘no’.
“While an average teenager today gets a pocket money of Rs 6000 per month, most of them are clueless when it comes to keeping account of it. Indulging parents, who do not want to come across as intrusive or preachy, find it challenging to make kids understand the value of money,” he says.
The thought was instrumental for Nathani and his partner Javed Tapia to start Slonkit, a system that aims to help the next generation manage money in a better way. Launched in December 2015, Slonkit is a mobile application which is connected to a pre-paid card backed by a VISA card. “The app enables parents to transfer money to their kids and simultaneously monitor their child’s spending,” says Nathani. A Slonkit card powered by the parent’s VISA or debit card reaches the child in a couple of days and can be used as any debit card. While a parent through the Slonkit app can load money onto the child’s card, the latter can swipe it for a variety of transactions – from watching movies to buying provisions from the grocer.
“The only difference is the card can only be swiped and not used to draw money from an ATM as giving ready cash defeats the entire purpose of the app,” Nathani adds.
The app provides customised alerts to parents on the transactions made by their children and also gives them the option to allocate a budget for the kid.
Children on the other hand receive updates and insights on how to manage money. “If a child exceeds the limit of spending, the colour will change from green to red. Similarly when a child is making an impulsive purchase, the app will remind them that the same money could be used for future savings,” he adds.
Reach out: www. slonkit.com
User Connect
The app targets parents of 10 to 18 year olds. It has a user base of 30,000 and can be used to make payments, recharge phones and go dutch with friends.