Apple Pay Newest Feature of Current Debit Card Made for Teens
With U.S. teens continuing to use 25 percent less cash than adults for payment, financial technology company Current today added another cashless product feature by adding Apple Pay to the company’s debit card and smartphone app.
“When you work with teenagers and money you learn their preferences pretty quickly. They want to manage their money and pay for things using their phone, and they don’t want to carry cash,” said Current founder and CEO, Stuart Sopp. “This generation of teens is going to lead the switchover to digital currencies and digital payment.”
For every teen armed with a form digital payment, another merchant seems to go cashless. The number of restaurants that don’t accept cash has quickly grown from a small roster of urban locations, to a practice so common that it would be too difficult to compile a list. Add many airlines, hotels and a growing number of retail merchants to the list of places that only accept a card or digital payment, and leaving the house with only cash starts to limit your options.
Current (Current.com) is a financial technology company that enables people to more effectively manage their money with family and friends. The company’s initial focus is a debit card and companion smartphone app for teens (and parents). Current’s flexible, API-based platform adapts to the needs of each user, allowing parents to transfer money, automate allowances, set up and reward chores, put spending controls in place, and maintain visibility into their children’s spending with real-time alerts.