As a prepaid debit card with the Mastercard facility, ZAAP is designed to give kids aged between 8 and 17 more freedom with their pocket money as they interact within an increasingly cashless world. Here’s how it works.

• Parent Wallet: This is the primary account you are in charge of. You can transfer money into this account from a credit card, debit card or bank account, to then fund transfers to your child’s ZAAP account. These transfers can be set up automatically, or carried out as needed.
• Child’s ZAAP Account: This account holds your child’s funds. As their spending account, this is where transactions made using the account’s card or ZAAP band will be debited from. They can also transfer money to and from their Savings Wallet from this account.
• ZAAP Payment Device: When you sign up, you can choose a ZAAP card, a wearable ZAAP band, or both. Using the card or band, your child can use the money in their account to make purchases everywhere Mastercard is accepted. The card can be used in person and online, while the band can only be used in person. You can also monitor their spending and savings goals, and limit where they can use the card.
• Child’s Savings Wallet: This account is linked to your child’s ZAAP account. Using this feature, your child can transfer funds from their ZAAP account, setting and celebrating savings goals along the way. Funds in this account cannot be spent unless they are transferred back to the child’s main ZAAP account.
• ZAAP App: Using the app, you can control the Parent Wallet, while your child controls the Child Account and Savings Wallet, viewing account balances and transaction history. The App has two logins, one for Parents and one for the Child.

What’s great?

So then, why would you choose ZAAP for your family as an alternative to cash or a standard debit card?

Safety & Convenience

One of the great things about ZAAP is it can be used pretty much anywhere. Using the prepaid Mastercard, your child can pay for stuff online or in person, while the band can be used while out and about.

Got a kid who loses everything? The band could provide a handy alternative to cash, which is much easier to lose. You also have the added convenience of being able to ‘lock’ the card and band via the app if your child loses either one.

Worried about your child being stuck somewhere without access to money to get home? ZAAP could provide a worthy backup plan, allowing you to transfer funds instantly to their card or band, so they can then cover the cost of getting home or picking up something to eat while waiting for you to collect them.

Note: To activate an instant transfer, you will need to have funds loaded on your Parent Account. If you have no funds loaded, it will take about an hour to loan them from your credit or debit card.

Another reason to choose ZAAP could be to stop your kids from constantly asking to borrow your card to buy stuff online. And, as you have access to their transactions, you can always check what they’re using their card on later.

Lastly, the ZAAP card and band cannot be used to withdraw cash at ATMs. This makes it easier to track where they’re spending their money.

Easy to Use

Offering an intuitive system, ZAAP is easy-to-use for both you and your child. You can set up auto transfers into the Parent Account, and from there, into your child’s account, acting much in the same way as pocket money. Alternatively, you can do manual transfers.

ZAAP also allows you to control any number of child accounts if you have multiple kids needing access.

Maintain Control

Perhaps one of the most appealing aspects of ZAAP for parents is the transparency it provides. By checking the app, you can see exactly how much your child has spent and where. ZAAP can also not be used to buy alcohol, to access adult or gaming sites, or to access cash.

Decided your child doesn’t deserve their pocket money this week? You have the option to transfer money out of the Child Account at any time.

Teach Kids About Sensible Spending

Many of us are going cashless, so it only makes sense we teach our kids how to interact within this environment. Using ZAAP, they can learn about making cashless transactions online and in person, to then find out how to track their spending and transact within everyday and savings accounts.

As it’s a prepaid system, they can do all of that without the risk of going into debt – in that they can only spend what’s available in their account.

Using ZAAP, you can also teach your kids financial responsibility and money management skills that will benefit them in later life. By adding the Savings Wallet – and savings goals – this can also promote a healthy relationship with money.

Being able to design their own card and utilise a wearable, kids can also learn to interact with money in a fun way that suits their level of responsibility.

What’s worth considering?

Anything else you need to know? First up, limits. ZAAP places certain limits on what can be held within a balance (maximum $999), and limits on transactions (minimum $1, maximum with no PIN $199, maximum card-not-present $99, maximum with PIN $999).

There are also fees to consider. To get a ZAAP card, you will pay a one-off fee of $9.95, or if you want to design your own card, the fee is $20. If you want a wearable, you will pay $20, or if you opt for the bundle – with the card and the wearable – the cost is $29.95 ($40 for a personalised card and wearable).

In terms of ongoing fees, there is a monthly fee of $2 per child account. When you load funds onto the Parent Account, you will pay a 1.5% reload fee of amount transferred. When you close a card or the account, you will pay a $10 fee, and if your account is not used for 90 days or more, you will pay a $2 inactivity fee. Transactions made in a foreign currency come with a 3% fee.

Why should you choose it?

If you’re looking for a neat way for your kids to learn about spending in a cashless society, the ZAAP system provides an easy and transparent way to do it. It can be used around the world wherever Mastercard is accepted, with sensible limits in place to stop kids spending where they shouldn’t.