The 'Mellow Watch' smartwatch is a wearable solution for children aged five and up to help them build good money habits, while also allowing for contactless payments.
The wearable works by offering a chore-based allowance system where parents will reward them for things they do around the house or in their lifestyle. The device will encourage them to participate in goal-based savings, while also connecting to a virtual debit Visa or MasterCard to accommodate contactless payments at the checkout.
The 'Mellow Watch' smartwatch links to the Parent app where parents can keep an eye on the child's finances and even their activity levels. This is thanks to real-time activity tracking that captures data about distance traveled, workouts and more. The 4G LTE-connected smartwatch also supports GPS tracking, VoIP audio calls and more.
What Makes This Trend Stand Out
- Smartwatch Chore-system
- Creating smartwatches beyond fitness and productivity and into the realm of finance and family life management for future unified platforms
- Contactless Payment Wearables
- More innovations on smart wearables that handle transactions, redefining the future of cashless payments
- Virtual Debit Card Technologies
- The rise of virtual debit/credit card technologies integrated into wearables for safer transactions and increased convenience
Sectors Adopting This
- Wearable Tech Industry
- The Wearable Tech Industry can incorporate the concept of smartwatches beyond fitness and health management
- Fintech Industry
- The FinTech Industry can pioneer the creation of smart cards and financial management systems beyond banking and investment platforms
- Childcare Industry
- The Childcare Industry can improve its service offerings with the introduction of technological solutions like 'Mellow Watch' for a more all-around and streamlined approach to service provision
