Google has introduced a new feature for Google Wallet in the US, allowing parents to create a digital spending fund for their children. This tool aims to help parents teach financial habits by enabling them to monitor transactions and set spending limits. Parents can view their child's account activity through transaction lists or optional Family Link push notifications. They also have the ability to remotely lock the account or implement a "spending timeout" if needed.

This new functionality means children can make purchases using their Android phone or Wear OS device anywhere Google Pay is accepted, without needing a personal bank account. The balance is drawn from the parent-supervised fund. This move positions Google Wallet to compete with similar offerings like Apple Cash Family, providing a secure way for families to manage allowances and teach responsible spending, particularly useful for younger users during periods like summer break.