Paypal replaces parents, doles out pocket money

IN THESE TURBULENT financial times, people are keeping a closer eye on their spending habits, even when it comes to their kids’ pocket money. But not to fear, Paypal is here to cash in... er, sorry, help.

Ebay’s online payment outfit is a month into a private beta called 'PayPal Student Account', which keeps young whippersnappers on a short financial leash and gives the 'rents an easy online way of regulating pocket money, whilst also spying on their kids’ spending habits.

Parents will be able to set up a maximum of four sub-accounts from their main account, from which they can either dole out a big pile of cash to their offspring, or smaller, more regular dollops.

Kids can, of course, spend this virtual cash anywhere on the Interwibble that accepts Paypal or, if their oldies are obliging, can spend the money outside in the real world using a Mastercard debit card.

Controlling parents are also given the option of being alerted whenever their precious dears buy something over a certain, predefined price ceiling, and can block their children’s spending whenever the mood strikes them.

As for families where it’s the kids who call the shots, Paypal caters to those too, letting kids hit up their elders for another 20 squid at the click of a button, instead of actually having to get up off their lazy backsides, go into the other room, and ask for it in person. Parents, who get alerted of their childrens’ demand for more of their hard-earned cash, can equally accept or deny the request at a click. After all, talking to your children is way over-rated.

As for Paypal, the site is definitely seeing dollar signs flashing as it eyes up a pocket money market worth an estimated $172 billion.

And with 65 million active users to pump for lunch money, we assume the feature won’t stay grounded in Beta for long. µ

L'Inq
NY Times