Canvas app manages pocket money, household expenses for kids, helpers

Canvas is a digital cashless solution for household financial management designed for families and their dependents in Singapore.

“The idea for Canvas was born a few years ago. It started as a small project of a larger organization in Singapore, (but) it was only recently that a group of parents decided to take the project on a start-up basis and bring it to fruition, ”said Georgina Bullworthy, Canvas Project Manager.

“Essentially, the idea behind Canvas was fueled by parents trying to provide a cashless solution for their children’s pocket money and daily expenses. Especially in today’s hyper-digital life, going cashless is more essential than ever. “

At the same time, these parents were looking for a one-stop solution to transparently manage household expenses when assisted by their caregivers. As there were no products on the market for children and domestic workers, Canvas targeted these two consumer groups.

They identified Singapore as a market to enter as more and more retailers go digital and choose cashless.

The nature of our new normal has also prompted many industries – especially traditional brick and mortar stalls – to turn to digital financial options.

As such, more and more consumer groups are looking for a simple and convenient alternative to cash and we are happy to be able to offer affordable and accessible digital financial service through a single app.

– Georgina Bullworthy, Canvas project manager

Cashless solution for family finance

canvas map and application
Canvas Application & Map / Image Credit: Canvas

At the end of April, they launched the Canvas card and app, along with a prepaid Visa card.

The application aims to bring more visibility to household spending and offers an alternative to spend independently, responsibly and securely.

When asked how they had managed to partner with Visa, Georgina explained that one of Canvas’s close and strategic partners, Railsbank, helped put them in touch with Visa.

Visa has apparently been a strong supporter of technological innovation from Railsbank, which supplies fintech to some of the world’s largest fintech startups.

Canvas reinvents pocket money and offers parents full transparency and access to their children’s spending. It also gives children both autonomy and responsibility for their spending by helping them manage their money while learning about FinTech from an early age.

The canvas can also be used by employers of domestic workers to manage household purchases. Employers can transfer a prepaid budget to the Visa Canvas card for family expenses such as groceries and supplies.

Customers can enroll, add cardholders, order cards, transfer funds to the Visa Canvas card, and manage their spending through their mobile devices.

Canvas removes the need for parents and employers to get to the ATM in a timely manner and in cash. It also helps parents educate their children about the value for money and the responsibility of owning a debit card and making smart digital purchases.

– Georgina Bullworthy, Canvas project manager

application and canvas map
Child using canvas / image credit: canvas

With full parental and employer control, children can make age-appropriate online transactions and domestic workers can gain independence and choose daily household expenses.

By eliminating the hassle of pocket money and household spending, parents and employers no longer have to go to an ATM and can find more opportunities to understand digital spending as a family.

S $ 2.99 per month for each card

In today’s cashless society, Canvas provides better access to digital financial solutions to make household financial management transparent.

The growth of digital payments in Singapore means that digital finance is no longer a novelty, but a necessity. However, debit cards have traditionally only been offered to children over 16, while children under 15 can only manage their money in cash. This limits their access to digital finance and their development of financial literacy.

As financial habits are formed as early as age seven, parents need tools to teach their children to manage their money responsibly. Canvas equips them to do so, while providing a convenient, cashless solution for family finance.

– Georgina Bullworthy, Canvas project manager

georgina bullworth canvas
Canvas project manager Georgina Bullworth (middle) with her two children / Image credit: Canvas

According to Georgina, the response to the launch was excellent and they received positive feedback from users who appreciated the convenience of Canvas.

However, given that cash is so “inherently ingrained in our culture and our society,” they find it difficult to encourage new habits of giving digital pocket money.

The Canvas community has also actively shared feedback about the product, which they take into account when testing and testing the product.

“We have many great features and upgrades based on this initial user feedback and requests, and we look forward to rolling out the next versions of the Canvas app for our growing user base,” Georgina said.

This extension of product functionality includes more payment top-up options, an option for an additional account holder to jointly control accounts, savings, charity links, collaborations, referral programs, and options. ‘insurance.

She promises that there will be “a lot to come in the next six months” aimed at improving the user experience.

The map and the Canvas app are currently available for download from Google Play and Apple App Store. New customers can take advantage of a 30-day free trial of the Visa Prepaid Canvas card when registering on the app.

Thereafter, the Canvas card is available for subscription at a price of S $ 2.99 per month for each card. Commenting on her monthly subscription model, Georgina said she wanted to keep the structure simple and inexpensive with no hidden costs.

As such, instead of charging for each top-up or transaction, there are only two charges to consider: the monthly charge and a 1% charge for top-ups over S $ 400 per month, ” she said, adding that the first S $ 400 top-ups are free.

Canvas is also offering a sign up bonus of S $ 5 credited to each children’s Visa card until the end of May 2021.

Featured Image Credit: Canvas

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