Fintech company OnePay has introduced a new banking program tailored for teenagers aged 13 to 17. The suite of services includes checking and savings accounts, investment tools, and a credit-building feature known as the Builder Card. The initiative aims to help young users reach adulthood with a credit score of 700, $1,000 in savings, and five years of investment experience.
The program incorporates parental oversight, allowing parents to add teenagers to the OnePay Invest platform. Additionally, the service includes a tool called One to One, which enables instant and free money transfers within the family. According to general manager Harsh Gupta, the program is designed to address the lack of financial preparedness often faced by young adults when applying for loans or housing.
Research from PYMNTS Intelligence highlights a growing interest in credit among younger demographics. Data indicates that 21.7% of Generation Z consumers view credit products as a means to build a credit profile. Furthermore, 26.2% of consumers without an active credit card cite building or improving their credit score as the primary motivation for seeking one.
