Today, Savii, a financial platform for teenagers and young adults, announced the formal launch of its product in the UAE. Through Savii, teenagers and young adults may make payments on their own credit cards thanks to the brand’s teen-focused banking app and Visa prepaid card.
The program now allows parents to send money to their teenagers instantaneously, greatly simplifying the process of giving out monthly allowances. Savii also lets parents see every transaction their child has done, allowing them to keep track of their child’s finances.
"We have designed a product with the worries and concerns of the parents in mind, and we managed to bring to the market a product that will bring financial independence to the teenagers while parents can be at peace that the systems in place are designed to protect the identity and financial security of their kids. We partnered with the best in the market at Visa to create a truly secure card," said Nichola Collinson, co-founder of Savii.
Teen-Focused Prepaid Cards
Teen and Tween Prepaid Card App Savii Launches in the UAE
Trend Themes
1. Increased Adoption of Teen-focused Prepaid Cards - The launch of Savii in the UAE highlights the increasing trend of financial platforms and prepaid cards designed specifically for teenagers and young adults, presenting opportunities for companies to create and market similar products globally.
2. Innovative Features for Teen-focused Financial Platforms - The ability for parents to instantly send money to their teenagers and track their spending through the Savii app highlights the trend for innovative features in teen-focused financial platforms and presents opportunities for companies to create similar services with additional features.
3. Enhanced Financial Literacy for Teenagers - Teen-focused financial platforms like Savii that combine banking services with financial education opportunities highlight the trend for enhanced financial literacy for teenagers, creating opportunities for companies to create similar platforms with a strong education component.
Industry Implications
1. Financial Services - The launch of Savii and the trend for teen-focused financial platforms present opportunities for companies in the financial services industry to create and market similar products globally, with a focus on providing tailored services for young people.
2. Technology - Developing innovative features for teen-focused financial platforms, such as instant money transfers and spending trackers, presents opportunities for companies in the technology industry to partner with financial institutions and create new solutions.
3. Education - The trend for enhanced financial literacy for teenagers through banking services and financial education highlights opportunities for companies in the education industry to partner with financial institutions and create platforms that prioritize financial education and responsibility.