Raiffeisenbank launches a Children’s Card and App

September 1, Raiffeisenbank launches a debit card «Raiffeisenbank Children’s Card» and an app «Raiffeisen-Start» for children from 6 to 17 years old.

For children of age 14 and under, this card is opened as an additional one to the existing parents’ account. The account holder may set limits for daily expenses, withdrawals and online shopping and receive text notifications on the transactions.

Cards will be issued in several designs, and for clients over 14 years old, a 5% cash-back will be offered on all card purchases. Cash back limit is 2400 RUB per year. The card may be issued as an additional card to one of the parents’ account or to the child’s account, with the parents’ approval.

Bank’s partner discounts are available for children and parents. A dedicated telephone line 8 800 770 06-18 with simplified voice menu is available for children’s card holders.

Any child may download the Raiffeisen-Start app for free in Apple Store or Google Play. The service may be used as an independent product to track your cash or to ‘tie’ the children’s card to it.
Raiffeisenbank’s mobile app has all necessary functions for children. Using Raiffeisen-Start, a kid may track his allowance, cash and card expenses, create goals and save money to reach those goals, on a daily basis. Expense statistics feature allows to evaluate and adjust the expenses.

Using the app, a child may ask money from his parents for his goals or expenses if the parents are the bank’s clients. The request will be sent to the internet bank account (the app may be synchronised with one of the parents’ Raiffeisen-Online account).

«We have analysed our clients’ needs and realised that over 35% of them are serviced as a family, and many would like to open cards for their children. Our studies indicate that it is essential for parents to control the child’s expenses and teach them financial literacy using banking products. The design and play format is important for younger children, while teens value cashback, performance and style. Eventually, we have developed a card with options to set limits for transactions, text notifications for parents to control the children’s transactions, with colourful design, cashback and mobile app to make its use comfortable and exciting», — says Damien Leclercq, manager of Raiffeisenbank Mass Affluent Segment, Liabilities and Transaction Products Division.

«Our Raiffeisen-Start app for children is a new product in the market. There are plenty of expense control and budget planning solutions, but they are mostly adult-oriented. We have developed a product interesting for children due to its simple and bright interface, goal visualisation and other functions. App integration with the children’s card will make expense and income monitoring process more convenient for kids and their parents», says Natalia Masarskaya, manager of Raiffeisenbank E-business development department.