How Does MOCO Work?
MOCO is available as a web and mobile application and can be accessed separately via the parent’s app and child’s app. MOCO allows children to EARN, SAVE and SPEND while maintaining appropriate parental controls.
EARN
- Parents and children can agree chore and goals.
- There is the facility for parents to move money to their children after the successful completion of agreed chores/goals or as an allowance.
- Importantly children learn that money should be earned before it can be spent.
- Children can use online tools and graphics to separate their earnings into spending and saving jars
- Interest can be earned on the money in the savings jar.
- Parents control the extent and the method by which a child can spend from their MOCO account.
- Online – within the MOCO eco system, from our Safe-list of merchants – enabling, age appropriate purchases only.
- Off-line retailers – using contactless payment via a MOCO wearable and if requested, this could also include an ATM card.
And obviously, the parent’s decision on the spending methods available, would be determined by the age and financial maturity of their child.
