The company comes to the Brazilian market in January to teach 6-18 year-olds financial responsibility
Mozper, the startup that helps parents in Latin America educate their children to make smart and responsible financial decisions, launches in Brazil, together with Visa.
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Mozper uses Visa’s contactless payment technology for their cards which work together with the Mozper app. Mozper is 100% family-oriented, offering parents a full range of control over spending while advancing their childrens’ financial education. For guaranteed security, adults can lock and unlock the card at any time and keep track of spending in real time.
The innovative Mozper platform – available as an app – is secure, intuitive, and easy to navigate, making it more engaging for children to use. It also has a feature to allocate money into spend categories, effectively creating a budget which can be used based on the indications set by the parents. This allows limiting spend on categories such as food, entertainment (ie, video games), clothes, toys, and cash withdrawals.
In addition to the control module and spending category management, the app has a built-in savings account feature, where users can save into general savings or set a goal toward an amount needed for a specific purchase (i.e., Airpods). This instills good savings habits in children from a young age, a critical component for a healthy financial future. The card also has an innate debt shield, where a child can never spend in a category where they do not have assigned balance, nor can they use their savings balance for purchases without a parent’s approval.
The platform also allows parents or guardians to assign chores, such as washing dishes, tidying closets or cleaning bedrooms and reward them by releasing balance bonuses upon completion. The opposite also applies, parents can deduct money.
Finally, with Mozper cards, children cannot spend on any adult-only online purchases, such as online gambling or adult sites. All these transactions will be automatically declined. Mozper is truly the only age-appropriate card for children and teens in the Latin American market.
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“It’s a real opportunity for parents and children to talk about money, to understand surprise-free purchasing, and to learn financial responsibility within an engaging and secure framework. It is an opportunity to teach financial intelligence and how to plan a more stable financial future with healthy financial habits,” says Gabriel Roizner, CEO of MOZPER.
“We share with Mozper the opinion that with better organization and planning of their finances, everyone can achieve their dreams in a responsible way. At Visa, we believe that more conscientious consumers make better financial decisions that impact the lives of their entire community. This is a generation that was born digital, so it’s important they have access to an innovative solution like this to awaken an interest in financial education”, says Eduardo Abreu, vice president of new business at Visa in Brazil.
The Mozper platform costs R$25 per month for a family, including up to four kids and two guardians. For those who choose an annual plan, the fee is R$19 per month per family. There is no charge for transactions made with the card or transfers between Mozper accounts. Mozper is committed to providing full transparency and no hidden costs.
How Mozper works:
- Parents or guardians make deposits into Mozper accounts online and then allocate allowances using the different spending categories.
- The app allows scheduled recurring transfers between Mozper accounts, so parents or guardians can automate weekly or monthly allowances.
- It allows spending limits to be set per category within the app. Define where children can use their money by creating customized rules per each spend category, such as entertainment, food, withdrawals, and so on.
- Real-time notifications are sent out when a transaction is made, so Parents can monitor their children’s activity at any time.
- Parents or guardians can assign tasks and reward children for completing them.
- Money can be assigned toward general savings or a specific savings goal.
- Accounts opened in the Mozper app come with a Visa debit card managed by parents or guardians. A virtual card is available for immediate use online and a physical card is then delivered by mail. With Near Field Communication (NFC) technology, the card allows contactless payment in physical commercial establishments, offering practicality, convenience, and security at the time of purchase.
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