As parents we give our children money when they go to the mall with friends. Going to the mall to watch a movie and get snacks is not a cheap outing anymore in South Africa.
Giving your children money opens them up to risks such as people with mallicous intents trying to steal from easy targets, your child could loose the money or they could be spending it else where. As a parent we trust our children to stay safe and to spend the money on what was promised.
Custodi provides safer options for families by allowing them to add conditions to the money they share.
With Custodi you as a parent can give money to your children using the Custodi platform, nothing new there right. Transfering money between accounts is not ground breaking and we get that. What we do differently is allow you to place conditions on the money you have given to your children or any other recipient.
With Custodi you can apply conditions to the money stating that it can only be spent at movies and on snacks, nothing else. All that you need is a NFC enabled phone or a Custodi FOB.
So what have we just done?
-Firstly, you have ensured that your money can only be used at movies and on snacks, so your children cannot go spend it anywhere else as the conditions will not allow it.
You can take it further and restrict your money to only being used within a particular mall. The use cases for conditional payments are continuously growing and we are sure it will far exceed our own expectations.
-Secondly, you have just reduced the opportunity for a predator to steal the money from your your child because if someone did steal it then all they can do is watch a movie and spend it on snacks.
The predator would also need to guesstimate where and what the money can be spent on because there is no way for the predator to know. In a nutshell, should someone steal your Custodi FOB then they would need to live your life to be able to make use of the funds, which in this scenario is buy snacks and a movie.
-Thirdly, Should the Custodi FOB be lost by your child it will be as simple as cancelling it which completely renders the FOB useless along with any funds that was on it.
Conditional payments is a innovation which will change the way payments are made and handled in South Africa and we cannot wait.
Check in tomorrow where we will be chatting more about Custodi payments.
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