Mydoh is designed to enable the right spending habits at a young age and empower youth to experience financial independence
TORONTO, August 11, 2021 — Developed by RBC Ventures, Mydoh is a money management app and Smart Card (which includes a digital and physical Visa* Prepaid Card ) that helps kids make their own earning and spending decisions — learning values that help build a strong foundation for the future. Mydoh gives parents everything they need to make raising money-smart kids easier.
The Mydoh app is available on iOS and Android devices across Canada, and is offered and operated by Royal Bank of Canada. While backed by the security and trust of RBC, Mydoh is also available to customers of other Canadian banks.
Mydoh has developed an interactive solution to provide youth with hands-on, real-world experience in responsible spending while still allowing for parental guidance and oversight. Mydoh makes the earning experience fun, allowing parents to assign tasks or chores that their children can complete to earn money.
“Good money management habits are not innate. Like any life skill, they need to be learned early. Mydoh helps make this experience fun and engaging,” says Gaurav Kapoor, founder of Mydoh. “My inspiration to create Mydoh came from my own start in saving money when I was earning allowance as a child. I started putting away a majority of that money, which helped me develop responsible habits. When I started earning my own money, the saving instinct was already hard-wired in my mind.”
Using innovative security measures, like advanced digital ID verification, Mydoh allows parents to securely sign-up in less than five minutes. Parents then simply invite their kids to create their own personalized account on the platform to access a digital Visa Prepaid card immediately upon sign-up, and then they receive a physical Visa Prepaid card. Parents can lock and unlock their child’s card at any time.
The physical Visa Prepaid card only bears the holder’s name and expiry date on it, but does not include the card number or other credentials. The card credentials are only available in the Mydoh app. This is a first of its kind innovation in Canada thanks to RBC’s collaboration with Visa Canada.
“Visa is excited to support Mydoh and RBC Ventures to bring the new innovative use of virtual payment cards to the Canadian market through the Mydoh platform,” said Brian Weiner, vice president and head of product, Visa Canada.
The Mydoh Smart Card is an exciting new product that offers children a viable option for online purchases. “For young people, there are really only two options: a debit card or a suite of financial products and solutions designed for adults. Many kids are still reliant on their parents’ credit cards, which limits their financial independence,” notes Kapoor. “Mydoh enables independent decision-making for kids while offering parents full transparency and visibility into their children’s spending habits.”
The Mydoh money management app and Smart Card further complements RBC’s commitment to developing consumer products that empower parents to teach their kids the right money habits.
Since 2019, Mydoh has been committed to helping parents raise money-smart kids. Mydoh began with the shared belief that money management isn’t something you are taught, as much as something you learn through experience – and that experience should start early. Kids learn money basics through play, earn their own money through tasks, and spend it wisely using their Mydoh Smart Card. Parents can see their kids’ spending activity and control how involved they want to be. Learn more at mydoh.ca.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities.