The Canvas app manages pocket money, children’s household expenses, helpers

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Canvas is a self-produced digital cashless solution for home finance management designed for families and their families in Singapore.

“The idea for Canvas was unleashed a couple of years ago. It started as a smaller project of a larger organization in Singapore, (but) only recently a group of parents decided to take on the project initially and bring it to reality, ”said Georgina Bullworthy, head of the Canvas project.

“Basically, the idea of ​​Canvas was fueled by parents trying to provide a no-cash solution for their children’s pocket money and daily expenses. Especially in today’s hyper-digitalized life, going without money is more essential now than ever. ”

At the same time, these parents were looking for a unique solution to easily manage household expenses when they helped them. As there were no existing products on the market for children and domestic workers, Canvas targeted these two consumer groups.

They have pointed to Singapore as a market to launch into because there are more traders who go digital and choose cashless.

The nature of our new normalcy has also pushed many industries, especially traditional stalls, to turn to digital financial options.

As such, there are more consumer groups looking for an easy and convenient alternative to cash and we are pleased to be able to offer an affordable and accessible digital financial service through a single application.

– Georgina Bullworthy, head of the Canvas project

Cashless solution for family financing

Application and Canvas card / Image credit: Canvas

In late April, they launched the Canvas card and app, along with an accompanying prepaid Visa card.

The app aims to provide more visibility into household spending and provide an alternative to spending independently, responsibly and safely.

When asked how they managed to establish a partnership with Visa, Georgina explained that one of Canvas ’strategic and close partners, Railsbank, helped connect them with Visa.

Apparently, Visa has been a staunch supporter of Railsbank’s technological innovation, providing financial technologies to some of the world’s leading fintech startups.

The canvas reimagines out-of-pocket money and provides parents with full transparency and access to their children’s expenses. It also provides children with autonomy and responsibility in their spending, helping them manage money while becoming familiar with financial technologies 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 Canvas Visa card for family expenses such as groceries and supplies.

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

Canvas eliminates the need for parents and employers to make timely and effective trips to the ATM. It also helps parents educate their children about the value of money and the responsibility of having a debit card and making prudent digital purchases.

– Georgina Bullworthy, head of the Canvas project

application and fabric card
Child using Canvas / Image Credit: Canvas

With full parental and business controls, children can make age-appropriate online transactions, and domestic workers can gain independence and choices regarding daily household spending.

By taking away the hassle of pocket money and household expenses, parents and employers no longer need to travel to the ATM and may find more opportunities to understand digital spending as a family.

$ 2.99 per month for each card

In today’s cashless society, Canvas provides greater access to digital financial solutions to make home finance management perfect.

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

As financial habits are formed seven years, parents need the tools to teach their children how to manage their money responsibly. Canvas equips them to do so, while providing a convenient cashless solution for family financing.

– Georgina Bullworthy, head of the Canvas project

canvas Georgina Bullworth
Georgina Bullworth, head of the Canvas project (middle) with her two children / Image credit: Canvas

According to Georgina, the response to the launch has been fantastic and they have received positive feedback from users who have enjoyed the convenience of Canvas.

However, given that cash has been so “intrinsically rooted in our culture and society,” it is difficult for them to foster new habits of giving digital pocket money.

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

“We have a lot of great features and updates based on these initial user requests and comments and we can’t wait to release the next versions of the Canvas app for our growing user base,” Georgina said.

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

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

He Card and canvas application is currently available for download on the Google Play and Apple App Store. New customers can enjoy a free 30-day trial of the Canvas Prepaid Visa Card when they sign up for the app.

The Canvas Card is then available for subscription at S $ 2.99 per month for each card. Commenting on her monthly subscription model, Georgina said they wanted to maintain an easy, low-fee structure with no hidden costs.

“As such, instead of charging for each top-up or transaction, there are only two fees to consider: the monthly fee and a 1% fee for top-ups over $ 400 in a month,” he said. , adding that the first top-ups of € 400 are free.

Canvas also offers a $ 5 S enrollment bonus credited to each Visa for Children card through the end of May 2021.

Featured Image Credit: Canvas





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