Google Lets Parents Manage Kids' Cash with New Wallet Feature

Google has introduced a new tool for parents to manage their children's money, just in time for back-to-school season. The feature allows parents to set up a secure balance on Google Wallet for their kids and teens under 18.

This new tool gives kids the ability to tap to pay with Google Pay in stores using their NFC-enabled Android or Wear OS devices. Parents have full control over their child's balance and activity through Family Link, allowing them to easily transfer money directly from their own account.

Parents can also set specific spending limits, track transactions in real-time, and lock or unlock the balance instantly if needed. This feature aims to teach children smart money habits and give them independence without needing a bank account.

The new tool is now available for parents in the U.S., and soon they will be able to schedule automated regular payments.