A Financial Head Start: Google Wallet and Acorns Launch Kid-Friendly Payment Tool

• Google Wallet and GoHenry by Acorns have partnered to integrate a wearable payment device for kids aged 7-12, teaching them money management.
• The Fitbit Ace LTE smartwatch will feature GoHenry’s financial education app, allowing parents to set allowances, transfer money, and set spending limits.
• Google also partnered with FinTech Greenlight to offer tap-to-pay capabilities for kids using the Fitbit Ace LTE, promoting safe and responsible spending habits.

Parents may now provide their 7- to 12-year-old children with a wearable payment gadget thanks to a collaboration between Google Wallet and GoHenry by Acorns.

According to a press statement issued on Wednesday (August 7), the two organizations have partnered to provide a tool to help parents teach their children about money management, ensuring they spend securely and properly.

In this collaboration, GoHenry by Acorns, a debit card and financial education program for children ages 6 to 18, will be incorporated into Google Wallet and featured on the Fitbit Ace LTE wearable, which is specifically developed for children aged 7 to 12. GoHenry will function as a card issuer in the device’s wallet.

The GoHenry by Acorns app enables parents to set up automatic allowances, make fast payments, and establish spending limitations for their children. According to the announcement, it also offers instructional content such as courses, quizzes, and films that educate important financial concepts.

“GoHenry empowers kids growing up in a digital world to learn about and use money in a safe environment,” said Acorns CEO Noah Kerner. “Our collaboration with Google Wallet brings this to life on a wearable payment device, embodying our mission to make every kid smart with money and providing parents with more tools to nurture healthy habits in their kids.”

Ben Greenwood, Fitbit Ace LTE product lead, expressed enthusiasm about the partnership, stating, “We’re excited to collaborate with GoHenry to bring tap-to-pay capabilities to the Fitbit Ace LTE, giving parents a valuable tool to instill responsible spending habits and help kids gain confidence while they learn important money skills.”

Acorns acquired GoHenry in April 2023, with Kerner noting at the time that the acquisition would “accelerate our roadmap and deliver financial wellness to the whole family through all of life’s stages.”

At the time, the combined companies had approximately 6 million users.

Google also announced a relationship with Greenlight, a FinTech focussing on financial education, this week. This collaboration will connect Greenlight’s debit card to Google’s Fitbit Ace LTE, teaching children to “spend wisely” through tap-to-pay on their smartwatches, providing them with safe and simple access to funds without the need for a phone or physical card.