Pakistani mobile operator Jazz’s digital financial services platform JazzCash has launched a service for teenagers. Called the JazzCash NextGen Account, the service will allow adolescents aged 12 to 17 to receive their pocket money or allowances and make all their payments digitally, according to the operator.
The JazzCash NextGen account will give young account holders access to the digital wallet for online payments, QR payments, mobile top-ups and other JazzCash services. To activate the JazzCash NextGen Account, users must visit a JazzCash agent in the company of a parent or guardian. Once the minor turns 18, he or she will be able to convert the JazzCash NextGen account to a conventional JazzCash account using their own national identity card.
As we have written on many occasions in these pages, mobile money has broad appeal, very much including the youth market, a demographic that is not only budget-oriented but also digital-native. Digital wallets are a feature that tends to make an operator’s services more appealing to young subscribers, who value the convenience and may not have other banking options.
Jazz’s idea of creating a version for teenagers with parental control involved seems like an excellent one, in that it targets the pre-youth market, so to speak. JazzCash NextGen eases teenagers into mobile money habits in a way that reassures parents by allowing them to maintain oversight, while cultivating the rising generation of young adults, who will be able to become normal JazzCash users upon turning 18. While the teen version of Jazz’s mobile money service may not generate a great deal of revenue, given that teen spending is likely to be modest, it is an investment in the future and can foster the creation of greater revenue within a few years.