THE SOURCE FOR TECH BUYING ADVICE
The Mellow Watch comes with financial literacy features and supports contactless payments. Learning financial literacy is important at any age and tech startup Mellow thinks it’s best to do it as early as possible.
The business is developing the Mellow Watch, a vibrant smartwatch intended to teach children as early as five years old about the value of money and responsible spending. Despite the fact that it appears to be a toy, it is capable of contactless payment and has a number of security features.
The Mellow Watch is what it sounds like: a tiny smartwatch. It has some standard smartwatch capabilities but focuses on teaching financial literacy to children between the ages of five and thirteen.
The watch, which can control several gadgets, comes with a virtual debit card that connects to a parent’s bank account via the Parental App. Parents can set guidelines for how money can be spent while still providing the watch with a daily allowance. Anywhere contactless payments are permitted, the Mellow Watch can be used, and all transactions are recorded in the Parental App. Additionally, alerts that urge the child to slow down appear if their spending becomes a little out of control.
To make financial literacy more engaging to youngsters, the developers include some game-like modes. Parents can turn on Chore-Based Allowance and have their kids earn money by completing chores . Goal-Based Savings are daily challenges that encourage kids to save money and develop a habit of saving.
The Mellow Watch can be used as a phone as well. For making calls or sending texts on the touchscreen, it utilizes the 4G LTE network. Although the screen is quite little, as it is intended for toddlers, their hands should be small enough to type on it.
The smartphone has several rather strong security features. GPS tracking is available in real-time, and unrecognized numbers are promptly blocked by the watch. If you’re concerned that your financial information might be compromised, Mellow claims that the gadget complies with the PCI DSS and EMVco security standards, which were created by the main credit card companies to safeguard sensitive data.
Even a pedometer is included for good measure. An app collection is the only thing that is lacking. We questioned Mellow about whether YouTube and other entertainment apps would be available for the smartwatch. If we hear back, we’ll update this report.
You’ll need to wait a long if you want to purchase one. On August 15, a Kickstarter campaign for The Mellow Watch will begin. Both the watch’s price and the availability of package deals are unknown. You can opt to get an email when the campaign launches.
Analysis: Misplaced audience
Although this technology is certainly intriguing, we have our doubts about how practical it will be. It’s admirable to teach financial literacy to young children, but can they comprehend money and the responsibilities that go along with it? Even Mellow seems to be unsure of themselves in that regard.
In addition to the allowance, parents can provide Star Points to their young children in place of cash. It appears that the points are purely collections and cannot be used to make any purchases. In that instance, you are not educating children about money. You’re instructing kids on how to play a game and rack up points instead. It’s crucial to have a practical application.
Plus, given how intricate it is, this gadget seems better suited for older children. Can a five-year-old use this mini-smartwatch if a 13-year-old can? Must she? Even if children are intelligent, you still need to keep things simple. Ultimately, until the launch, all we can do is conjecture.