Vircle has taken its children’s payment app beyond schools with a new DuitNow QR feature.
Scan & Pay for Kids lets children use the Vircle app on their phones to pay at merchants accepting DuitNow QR.
A parent must first create and activate the child’s account.
Parents can set spending limits, see transactions as they happen and freeze the account from their own phones.
Children can receive money from their parent or send it to another verified child on Vircle.
“Parents are not asking to control every purchase their child makes. They are asking to be in the picture. Children are already spending both time and money digitally.
What has been missing is an e-wallet built for them from the start, rather than an adult product with a child’s name attached to it. Using Scan & Pay on Vircle is free because safety should not be a paid upgrade.”
said Gokula Subramaniam, Chief Executive Officer and Founder of Vircle.
Vircle reported that 75% of children who made a first transaction during the feature’s month-long soft launch made another transaction the following week. It did not disclose how many children were included in that figure.
Vircle says its Fasspay-powered wallet has been used in more than 100 Malaysian schools since 2020 and now serves close to 200,000 parents and students.
It also offers a prepaid card for children that blocks payments at vape shops and bars by default.
Featured image: Edited by Fintech News Malaysia, based on image by Vircle
