Developed by RBC Ventures, Mydoh is a new money management app and Smart Card, which includes a digital and physical Visa Prepaid Card, that helps kids make their own earning and spending decisions.
Using innovative security measures, like advanced digital ID verification, Mydoh allows parents to securely sign-up in less than five minutes.
Parents then simply invite their kids to create their own personalized account on the platform to access a digital Visa Prepaid card immediately upon sign-up, and then they receive a physical Visa Prepaid card. Parents can lock and unlock their child’s card at any time.
The physical Visa Prepaid card only bears the holder’s name and expiry date on it, but does not include the card number or other credentials. The card credentials are only available in the Mydoh app.
The Mydoh Smart Card is an exciting new product that offers children a viable option for online purchases.
“For young people, there are really only two options: a debit card or a suite of financial products and solutions designed for adults. Many kids are still reliant on their parents’ credit cards, which limits their financial independence,” said Gaurav Kapoor, founder of Mydoh.
Offered and operated by the Royal Bank of Canada, the Mydoh app is available on iOS and Android devices across Canada.