Osper is a mobile-only banking service targeted towards the youngest millennials -- teenagers and children aged 8 and over. The app aims to teach young people financial responsibility and empower them with a sense of financial freedom.
The Opser service consists of a MasterCard prepaid debit card that is accompanied with a mobile app that allows parents and their children to log in separately. The service is designed so that parents can transfer financial responsibility to their children. Instead of simply handing over cash or lending their own credit card, parents can get their kids to use their Osper card for in-store purchases, ATM cash withdrawals and online purchases.
All the transactions are tracked by the Osper app. Since the service is prepaid, users can only spend as much as they have, helping them better understand the value of money and the importance of financial planning.