Step, the start-up company, is developing an app that will give young adults access to bank accounts with no minimum balance, no fees, and advice on how to manage the money inside of it. The app will also integrate with Apple Pay and other online money-moving apps, along with giving parents the option to monitor the account while setting limits and guidelines.
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Step CEO and co-founder CJ MacDonald explained why this app is so necessary, saying, “Schools don’t teach kids about money. We want to be their first bank accounts with spending cards, but we also want to teach financial literacy and responsibility.” He continued, “Banks don’t tailor to this, and we want to be a solution teaching the next generation of adults to be more responsible with money in the cashless era. It was easy with cash to go to the mall but now everyone is using their phone for Uber and more.”
Mastercard’s Sherri Haymond praised the new idea in a press release, also noting how it would incorporate new avenues of financial literacy to account for changes in the way that people access their money–like the aforementioned Apple Pay and other similar technology.
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“Today’s young people are digitally savvy, having grown up with technology as a mainstay in their day-to-day lives. As a result, we also need to ensure that they become familiar with the unique aspects of digital payments including providing education about the various finance and payment products available,” Haymond said. “Step has taken a thoughtful approach to developing an offering for teens and families that provides that first step in educating and acclimating today’s youth to help them gain confidence and awareness around their finances.”
Both Nas and Will Smith know first hand how important it is to get your children equipped with the right tools early, and that’s exactly what this app aims to do.
This story was originally posted on bossip.com.
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