Family Wallet by S'moresUp

Inspiration

S’moresUp is the go-to Chore/Allowance management app for families. It supports over 150K families and 350K users on our platform.

Kids do chores, collect points and trade them for Rewards (ranging anywhere from movie night to candies) set by parents. It's a tool that provides financial literacy for kids with simple ideas like saving and smart spending

For older kids, who like to practice financial independence, this setup was limiting and families on the app are requesting a feature where they can transfer points (a.k.a S’mores) into real-world currency.

What it does

We are using Rapyd to create a Family Wallet that is integrated into S’moresUp.

The Family Wallet power by Rapyd provides the ability to translate virtual points into real-world currencies and provide parents with the ability to monitor where their kids spend their allowance money and also approve in real-time.

How we built it

We used 1) Rapyd Wallet to create a family wallet and verify the identity of the wallet owner 2) Rapyd issuing to issue a bank account number to transfer fund into the wallet and to create virtual cards for cashout 3) We used Remote Authorization to approve purchases on the card

The way the family wallet works is, the owner of the family creates a wallet, funds it with either their bank account or using POS. For every kid in the family who has cashout enabled, the app lets you create a virtual card. This virtual card can then be added to their Apple Pay or Google Pay to do a transaction in the real world. At this time, we have no added support for real cards.

Every kid in the family has two ledgers, one that tracks the number of S'mores the kids have earned/saved and the second that tracks the amount they cashed out. When a kid makes a purchase in the real world, using remote authorization, the app first validates the transaction amount with the amount the kid has cashed out, and if it is higher, it rejects the transaction. If the transaction amount is within limits, the app will then send the purchase for approval from parents depending on the settings for that kid. The logic can be extended to add other kinds of limitations like specific merchants and specific amounts.

This provided a way by which parents can approve purchases and help kids learn smart spending.

Challenges we ran into

Choosing the correct wallet setup was a challenge. Our setup if a family is similar to a company account, but since we can not create contacts and verify them for kids, we ended up using the personal wallet and virtual cards for kids. We still believe that this is a hack as we do not understand the limitation of a kid using a wallet issued to a parent. However, we believe this should be ok as we see no restriction on kids using a debit card of parents IRL.

2.We wanted to instruct the user on how to fund the personal wallet using the IBAN. This is not currently documented.

Remote Authorization requires something called a Card program. There is no much documentation around this.
Remote Authorization completion request is not received on the webhook hosted on our server. As a result, we were not able to notify the parents that a transaction was completed IRL.
There is no straight way to fund a personal ewallet in the sandbox for testing. We have used the Remote Authorization Object -> Refund option to fund the wallet for testing.
Virutal bank account creation was not possible for US countries and USD currency. It throws error as Currency and country mismatch.
Identity Verification hosted page does not enable "Confirm" button in Mobile browsers, even after selecting all the required documents - BLOCKER

Accomplishments that we're proud of

We were able to complete the full implementation from scratch within a matter of 24 hours. This talks highly about the Rapyd Platform, S'moresUp Platform, and the team and we are very proud of what we have accomplished in such a short time.