New app teaches teens money management

As technology continues to evolve, digital currency is becoming an increasingly integral part of modern life, making daily transactions easier, faster, and more accessible.

According to Anna Polyviou's article published in Kathimerini Cyprus in Greek, whether for online or in-person payments, today's banking apps offer a wide range of services, including real-time payment tracking and money transfers.

A significant portion of transactions are now made digitally, and minors under the age of 18 are not excluded from this shift. The Bank of Cyprus recently launched its new app, Joey, aimed at children and teenagers aged 9 to 17. The app, which became available to the public on August 19, 2024, with a public launch campaign on September 16, 2024, is the first banking app for youth offered by a Cypriot bank. By October 7, 2024, the app had 1,227 users, according to Silvio Walser, the bank’s Digital Product Management lead.

Speaking about the unique features of Joey, Walser noted that beyond enabling payments and online purchases, the app emphasizes financial education, encouraging responsible money management. Joey is designed to help young users develop money-handling skills in a secure environment. The app prevents purchases from merchants classified under categories like alcohol and gambling, and does not allow overdrafts.

Through Joey, young users can send quick money requests to their guardians, who can then transfer funds via the Bank of Cyprus Mobile App. Teens manage their money through Joey, and there’s also an option to obtain a Joey card—a Visa card accepted worldwide, which can be used for purchases or ATM withdrawals.

Walser highlighted the app’s benefits, stating, "The Joey app helps children build healthy financial habits that last a lifetime." It allows young users to handle their money independently while guardians maintain oversight using the app's parental control features. Guardians can set allowances, review transactions, and monitor their child’s progress, all while giving them the freedom to make their own financial decisions. For instance, Joey allows children to make online purchases, but guardians have the final say in activating spending features and setting spending limits.

As digital money continues to expand rapidly, its benefits are becoming an essential part of everyday life, offering a vast array of possibilities.