Mydoh is designed to enable the right
spending habits at a young age and empower youth to
experience financial independence
TORONTO, Aug. 11, 2021 /CNW/ - Developed by RBC Ventures,
Mydoh is a money management app and Smart Card (which
includes a digital and physical Visa* Prepaid
Card1) that helps kids make their own
earning and spending decisions — learning values that help build a
strong foundation for the future. Mydoh gives parents everything
they need to make raising money-smart kids easier.
The Mydoh app is available on iOS and Android devices across
Canada, and is offered and
operated by Royal Bank of Canada.
While backed by the security and trust of RBC, Mydoh is also
available to customers of other Canadian banks.
RBC Ventures introduces Mydoh, a money management app and Smart
Card to help raise money-smart kids
Mydoh has developed an interactive solution to provide
youth with hands-on, real-world experience in responsible spending
while still allowing for parental guidance and oversight. Mydoh
makes the earning experience fun, allowing parents to assign tasks
or chores that their children can complete to earn money.
"Good money management habits are not innate. Like any life
skill, they need to be learned early. Mydoh helps make this
experience fun and engaging," says Gaurav
Kapoor, founder of Mydoh. "My inspiration to create Mydoh
came from my own start in saving money when I was earning allowance
as a child. I started putting away a majority of that money, which
helped me develop responsible habits. When I started earning my own
money, the saving instinct was already hard-wired in my mind."
Using innovative security measures, like advanced digital ID
verification, Mydoh allows parents to securely sign-up in less
than five minutes. Parents then simply invite their kids to create
their own personalized account on the platform to access a digital
Visa Prepaid card immediately upon sign-up, and then they
receive a physical Visa Prepaid card. Parents can lock
and unlock their child's card at any time.
The physical Visa Prepaid card only bears the holder's name and
expiry date on it, but does not include the card number or other
credentials. The card credentials are only available in the Mydoh
app. This is a first of its kind innovation in Canada thanks to RBC's collaboration with Visa
Canada.
"Visa is excited to support Mydoh and RBC Ventures to bring the
new innovative use of virtual payment cards to the Canadian market
through the Mydoh platform," said Brian
Weiner, vice president and head of product, Visa Canada.
The Mydoh Smart Card is an exciting new product that offers
children a viable option for online purchases. "For young people,
there are really only two options: a debit card or a suite of
financial products and solutions designed for adults. Many kids are
still reliant on their parents' credit cards, which limits their
financial independence," notes Kapoor. "Mydoh enables independent
decision-making for kids while offering parents full transparency
and visibility into their children's spending habits."
The Mydoh money management app and Smart Card further
complements RBC's commitment to developing consumer products that
empower parents to teach their kids the right money habits.
About Mydoh
Since 2019, Mydoh has been committed to
helping parents raise money-smart kids. Mydoh began with the shared
belief that money management isn't something you are taught, as
much as something you learn through experience – and that
experience should start early. Kids learn money basics through
play, earn their own money through tasks, and spend it wisely using
their Mydoh Smart Card. Parents can see their kids' spending
activity and control how involved they want to be. Learn more at
mydoh.ca.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 86,000+ employees who
leverage their imaginations and insights to bring our vision,
values and strategy to life so we can help our clients thrive and
communities prosper. As Canada's
biggest bank, and one of the largest in the world based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our 17
million clients in Canada, the
U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
About RBC Ventures
RBC Ventures is a subsidiary of
Royal Bank of Canada that goes
beyond banking to reimagine the role we play in the lives of
consumers and businesses. We are building new ventures, acquiring
growing firms, making investments and partnering with organizations
that share our vision. For more information, visit
RBCVentures.ca.
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1 The Mydoh Smart Card is issued by Royal Bank of
Canada.
|
*Visa is a
trademark of Visa Int., used under licence.
|
SOURCE RBC Ventures