Google Wallet and Acorns Launch Payment Solution for Kids
GoHenry by Acorns, a financial education app for 6-18 year olds, has teamed up with Google Wallet to integrate its services into the Fitbit Ace LTE smartwatch for kids aged 7-12 in the U.S. This collaboration allows children under 13 to safely and responsibly manage their money using a wearable payment device. Parents can now empower their kids with financial independence, while teaching them money management skills through this innovative tool.
The GoHenry by Acorns app is integrated into the Fitbit Ace LTE smartwatch and allow parents to set automated allowances, make instant transfers, and set spending limits. The smartwatch also provides smartphone-like features, including a digital wallet, secure calling, and location sharing, without the need for a smartphone.
In addition, the GoHenry's educational resources and the secure Tap to Pay feature make it easy for parents to confidently teach their kids essential money management skills while also ensuring their safety.
Parents can now download the GoHenry by Acorns app on the Google Play Store or Apple App Store, sign-up, set up an automated allowance, make instant transfers, select spending limits, and add their child's debit card to Google Wallet via the Fitbit Ace LTE app. Once connected, kids can use the smartwatch's Tap to Pay feature to make purchases using the money on their GoHenry card.
Here's how it works:
As a parent, you need to begin downloading the GoHenry by Acorns app from your device's app store. After successful app installation, signs up, and activates your child's GoHenry debit card. Next, you'll need to enable the "Tap to Pay" feature on the Fitbit Ace LTE by adding your child's GoHenry card to Google Wallet through the Fitbit Ace app.
Once connected, you can then use the GoHenry app to manage the debit card by adding funds, setting spending limits, and controlling where the card can be used. Your child can then use the Fitbit Ace LTE to make payments via Tap to Pay, all while developing essential money management skills with GoHenry's guidance.
More about Acorns and Google Wallet Partnership
Acorns CEO Noah Kerner emphasized the importance of empowering children to learn about money in a safe digital environment through the GoHenry app. The collaboration with Google Wallet integrates GoHenry into the Fitbit Ace LTE smartwatch, bringing this mission to life by providing kids with a wearable payment device. This partnership not only helps children become financially savvy but also offers parents additional tools to nurture healthy spending habits in their kids.
GoHenry offers parents features like automated allowances, instant transfers, and spending limits, while children can set savings goals, track budgets in real-time, and learn money management skills through interactive lessons and quizzes. The Fitbit Ace LTE enhances this experience by offering tap-to-pay capabilities, daily rewards, and secure communication features, all designed to instill responsible financial behavior in kids without the distractions of a full smartphone.
Ben Greenwood, Fitbit Ace LTE Product Lead, expressed enthusiasm for the collaboration, noting that it provides parents with a valuable tool to help their children gain confidence in managing money. The integration of GoHenry into the Fitbit Ace LTE represents a significant step forward in teaching kids essential financial skills in a modern, engaging, and secure way.
Acorns acquired GoHenry in April 2023, aiming to enhance its mission of delivering financial wellness to families across all life stages. This acquisition brought together nearly 6 million subscribers, combining Acorns' expertise in saving and investing with GoHenry's focus on financial education for children. The partnership enables the newly branded "GoHenry by Acorns" to offer responsible money management tools to both kids and adults.
In another recent collaboration, Google partnered with FinTech Greenlight to connect its debit card to the Fitbit Ace LTE smartwatch, further expanding its reach in the financial education space. This partnership allows kids to learn wise spending habits and access funds safely through their smartwatches without needing a phone or physical card. As an added incentive, parents who sign their child up for GoHenry from August 7 will receive $20 toward their child's allowance and a free month of GoHenry subscription.
