Google Wallet Taps into Next Gen Banking Market

Google Wallet has introduced new features to help parents manage their children's spending habits. The update allows parents to set up a balance for their child under 18, complete with parental controls such as spending limits and transaction history visibility.

The feature also includes the ability for parents to pause or lock their child's account if it goes missing, providing an added layer of security.

This move is part of Google Wallet's effort to evolve beyond its traditional role as a payments layer. The addition of these tools brings Google Wallet more in line with Apple Wallet, which offers similar functionality through its Apple Cash Family solution.

The youth financial services segment has become increasingly crowded, with fintechs like Greenlight and GoHenry offering prepaid debit card systems to teach children financial literacy. However, traditional financial institutions are taking notice, with Barclays acquiring the UK operations of GoHenry to strengthen its position with younger consumers.