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REGO Payment Architectures Inc. said Friday it will make version 3.0 of its Mazoola mobile wallet app and virtual debit card available in the Apple Store on Aug. 27. The Mazoola wallet is designed to help parents empower their kids to learn how to manage money in a digital world by enabling them to make purchases at approved retailers. In addition, the app allows parents to control what funds are available for which purchases and to pay children an allowance through the app.
Mazoola 3.0 is said to be compliant with online privacy-protection law related to children and with general data- protection regulation. Those certifications, REGO says, ensure Gen Z kids and teens can safely and securely participate in the digital economy.
Teens and younger can use the wallet to purchase items online and in-store, as well as conduct peer-to-peer transfers. The wallet can be funded with cash or bank accounts, activities aimed at helping children to develop financial literacy in the digital economy. More than 70 million Gen Z kids and teens use digital commerce, REGO says.
“We are not simply another digital debit card,” REGO chief executive Peter Pellulo says in a prepared statement. “We are a solution provider that anonymizes children’s identity and privacy to allow them to securely bank and shop online or in stores. Privacy is the cornerstone of our DNA.”
