PeoPay KIDS – breakthrough solution of Polish Bank Pekao teaching your children how to manage their money
All parents want their children not to worry about finances in the future. Hence, many of them are doing their best to share basic rules of managing and saving money with their children from an early age. Yet, how to turn theory into practice? To support parents, Polish Bank Pekao S.A. is introducing PeoPay KIDS, a pioneer solution, which will help children take their first steps in the world of mobile finance.
“Financial education is an extremely important factor in preparation for adult life. Good habits acquired in one’s youth, such as ability to manage your money, are reflected in the way we handle our adult life. PeoPay KIDS app is a modern solution showing children how to build proper attitude to saving and managing money. This breakthrough implementation is yet another important stage of Bank Pekao digital transformation. The solution, and particularly the app, were prepared entirely in-house by Pekao’s employees. This unique project engaged many departments and support teams”, says Leszek Skiba, acting CEO of Bank Pekao.
Children’s finances in one place
PeoPay KIDS is a first banking solution addressing the needs of parents looking for assistance in educating their children about personal finances. This easy to use app is friendly for both children and parents.
“We’ve noticed that Poland lacks proper banking solutions for school-aged children. We’ve created PeoPay KIDS in response to the needs of parents and children. It’s the most developed and easy to use banking app for children on the market. Thanks to it, children will gain new skills, which they will find useful in their adult life. Coach available in the app – Fox, Polish Zloty or European bison – will teach children basic terms and show them how to save and manage money efficiently”, says Marek Tomczuk, Vice-President of Bank Pekao, supervising Retail Banking Division.
Working principle of the app is very simple. Within the savings account Mój Skarb, children can create “money-boxes” to save money for their own purposes and check how the collection is going. They can also transfer money from the free account Konto Przekorzystne or recharge their pre-paid mobile phones – in this case, parents always receive a request to approve the transaction. Additionally, there’s a virtual coach function, who is providing children with tips and introducing them to the world of finance.
“Implementation of PeoPay KIDS package was a multi-stage process. From the very beginning, both, Bank Pekao’s Innovation Lab as well as children were engaged in the creation and look of the app and cards as well as the characters – coaches. It’s a solution developed with children and for children. Nothing had been introduced to the app without consulting them. As a result right upon opening PeoPay KIDS app, we’re entering the world of children and their finances”, says Bartosz Zborowski, Head of Innovation and Payments Department at Bank Pekao.
The app can be installed on the child’s smartphone, or if the child doesn’t have one – on the parent’s device. Moreover, the child can have their own PeoPay KIDS payment card for the account Konto Przekorzystne (with one of six images). Thanks to it, the child will be able to pay for shopping and withdraw cash from ATMs. Limit of such a transaction is also set by the parent (between PLN 20 and 50 per day). The issuance and operation of the card is free of charge. By making contactless payments available to children, Pekao supports safe shopping without the need to touch the cash.
Discreet control of children’s finances
Thanks to the access to the Parent Panel in their PeoPay app and Pekao24 online banking, parents can regularly and discreetly supervise children’s finances, i.e.: verify their expenses, control the balance, or set functions available to the child. They can simultaneously make sure the child is safe by determining daily limit of expenses on the child’s payment card or block the card or the app, if needed. Additionally, the parent can also make an immediate transfer of funds to the child’s account or set a standing order to provide the child with regular pocket money. The child can also ask for an external transfer of money, and the parent decides whether to accept, decline or change its parameters.
“Let’s stress that Bank Pekao’s position is already strong among families with children. So far, we’ve been offering account Konto Przekorzystne and Mój Skarb savings account from an early age, as well as a card to the account and PeoPay app for children, since they turned 13. Now, we have supplemented our offer with a card and PeoPay KIDS app for children aged 6-13, providing parents with tools to educate their children about finances and control them via Parent Panel and app for adults. The card is a symbol of independence. PeoPay KIDS app makes it easier to save money to make your dreams come true, which is supported by the bank with a special offer of 2% on the Mój Skarb savings account up to PLN 3,000 for the first four months after opening the account. We have also prepared pocket money in the amount of PLN 50 to kick off the child’s account Konto Przekorzystne. Additionally, the parent can remotely establish PeoPay KIDS package for the child via Pekao24 or PeoPay app in the Parent Panel”, says Remigiusz Hołdys, Retail Banking Product Management & Customer Segments Managing Director at Bank Pekao.
Parents can activate PeoPay KIDS package quickly and easily without leaving their homes – using the latest version of PeoPay app or Pekao24 online banking. To fill in the application form, the parents need to know the child’s Polish citizen identification number (PESEL) and their basic data. Data of the child’s identity document are not required.
Bank Pekao S.A., founded in 1929, is one of the largest financial institutions in the CEE region and top 3 universal bank in Poland with ca. PLN 197bn assets and market capitalization of ca. PLN 30bn.Through the second largest branch network, Bank Pekao serves over 5.5m retail customers. As the leading corporate bank in Poland, Bank Pekao serves every second among largest corporates in Poland. Status of a universal bank is underpinned by a market-leading private banking, asset management and brokerage operations. Diversified business profile is supported by a market-leading balance sheet and risk profile reflected in lowest cost of risk, strong capital ratios and resilience to macro conditions (top 3 banks in 2018 EU-wide EBA exercise).
Since 1998 Bank Pekao has been listed on the Warsaw Stock Exchange and has been a member of several local (incl. WIG 20 and WIG Banks) and international indices (incl. MSCI EM, Stoxx Europe 600, FTSE Developed). Pekao is among top dividend companies listed in Warsaw, with total payout of PLN 20bn during last 10 years.