BBVA adds over 250,000 youth as new customers thanks to its app for minors in Spain
With the aim of facilitating access to banking services, BBVA adapted its app in Spain for children at the end of 2022, allowing them to use functions such as mobile payments, Bizum and online purchases under parental supervision. Interested parents can open an account for their children between the ages of 0 to 17 directly on the app or at a branch. Since its launch, over 250,000 minors have signed up in Spain.
BBVA continues to consolidate its position as the bank for families, with a series of initiatives and new developments designed for young people and minors. Since the bank adapted its app for minors, over 250,000 young people have opened accounts in Spain through the different channels. This effort is part of the bank’s strategy to improve its customers’ financial health from an early age, promoting savings and financial literacy among young people.
This adaptation marked a significant step forward for BBVA, allowing youth people to access financial services in a safe and educational way. Parents can also supervise and manage their children’s accounts, ensuring that young people use the tools appropriately. This comprehensive approach facilitates financial education within the family, allowing both children and parents to participate actively.
Since the app was first opened to youth, it has been developing tools designed to facilitate financial education and management for children 12 and up with digital features and educational videos. Specifically, it offers an account with financial services, such as checking account balance, topping up prepaid cell phones, withdrawing cash from ATMs with their passwords (without cards), viewing multimedia content on their finances, or sending Bizum payments, under the supervision of their parents or legal guardians.
Customers interested in opening an account for their child (between the age of 0 and 17) can do so at no cost either completely online, or at one of the bank’s branches. If the minor is between the ages of 12 and 17, they will have access to a complete package including a ‘Day Account’ with no commissions or fees, and an Aqua debit card, with no commissions or fees abroad, plus a ‘Goals Account’. The card does not allow payments in sectors that are inappropriate for children (online gambling, betting, casinos, cryptocurrencies, etc.). This ensures it is used responsibly, in addition to complying with current regulations. All under parental control and supervision.
Furthermore, BBVA launched a contest for all children in Spain interested in participating in MasterChef Junior 11, or attending one of their camps. The winners are currently enjoying these camps. This initiative is part of BBVA’s commitment to sustainability and education, providing children the unique opportunity to gain knowledge and have fun. The contest not only promotes creativity and learning among youth, it also reinforces the values of sustainability and teamwork, which are critical for BBVA.
