Lunar, Neobank, including the North-European Challenger Google, has deployed the new banking of the “new customers” in Scandinavia, the age group from 7 to 17 years old. The application is available for children of existing Bancs customers at Lunar and linked to parents’ accounts. The Lunar target market is the 2.5 million children and adolescents in Scandinavia.
Unlike Lunar, the Google Wallet Tap-to-Pay launched in March is currently confined to users of the United States, Great Britain, Spain, Australia and Poland. Google Wallet, which also requires parents’ consent and supervision, can operate on Android phones.
Questioning Google Wallet, Lunar Youth uses a multilayer security platform which offers various parental control tools. These tools allow parents to set expenditure limits, monitor transactions and block purchases in high-risk or limited categories such as cryptocurrencies and games.
The Lunar Youth account comes with a visa debit card and digital tools to help managing money and budgeting. Young accounts can be personalized, allowing children in the 13-17 age group to design their own debit cards and application themes and attach the card account to Apple or Google Pay.
“Children are developing today in a world where money is mainly digital-whether purchases of Tap-to-Pay, or subscriptions.
Lunar’s offer of young people represents the last stage of the Danish challenger to “build a digital bank for a digital generation”, he added. The CEO considers Neobank as a leading catalyst for change to transform the Nordic banking landscape. Lunar’s push to extend its customers in the Nordic digital funding space has reached an important step in March when its banking application in Denmark, Sweden and Norway has reached 1 million users.