Apple Pay and Google Pay have a minimum age of 16 in the Netherlands. As a result, children can have a bank account, but cannot pay with their phone. BUUT, ABN AMRO’s youth bank, wants to change that. „With the introduction of BUUT Pay, BUUT makes it possible for young people under 16 to pay easily and securely with their phones.” – according to the press release.
Annerie Vreugdenhil, Chief Commercial Officer Personal & Business Banking at ABN AMRO. “We are the first bank in the Netherlands to change this with BUUT Pay: mobile payments within a secure and regulated banking environment. BUUT was founded with one clear mission: to help young people grow up to be the financially strongest generation ever. Parents remain in control and determine what suits their child, so that young people can gain responsible experience with digital money together with their parents.”
Mobile payment with BUUT Pay
BUUT Pay works via the BUUT Wallet, specially developed by BUUT and ABN AMRO. BUUT Pay is a mobile payment function that allows young people aged 10 and up to pay with their smartphone. The checkout process works just like with Apple Pay and Google Pay: the user holds the phone near the payment terminal and confirms the payment using the phone’s security features, such as a PIN code, fingerprint, or facial recognition.
„What visually distinguishes BUUT Pay is that young people pay from their own savings pots. They see their available spending pots on the screen and choose for themselves which pot to pay from, for example, clothing allowance or snacks. This ensures that money goes where it is intended, and young people learn to manage their spending more consciously.” – the bank said.
Young people financially strong
BUUT teaches young people how to handle money in a safe and understandable way from an early age, not by restricting everything, but by providing insight, overview, and confidence, together with their parents. “For young people, the phone is a natural part of their daily lives,” says Sanne van Kuijk of BUUT. “It is logical that paying becomes part of that as well.”
Mobile payments are becoming increasingly common in the Netherlands. By 2025, nearly half of all payments will be made using a phone or smartwatch (Betaalvereniging Nederland). At the same time, 95% of 12-year-olds own a smartphone, whereas they still often have to make their daily payments with a debit card (CBS).
Learning to pay in a digital world, with parents at the helm
Parents decide for themselves whether BUUT Pay is activated and can adjust settings at any time. Through the BUUT app, they keep track of their child’s spending, set limits, and monitor payment behavior. This gives young people the opportunity to gain experience with digital payments, while control remains with the parents.
According to financial education expert Annelou van Noort, this guidance is essential: “Many parents worry that mobile payments will cause children to spend money faster. But the real challenge lies not in the payment method, but in the temptations young people face every day. By allowing young people to gain experience with this under the guidance of their parents, they actually learn to handle money more consciously.”
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BUUT is the new bank for teenagers, from the makers of Tikkie. Like Tikkie, BUUT is part of ABN AMRO. With BUUT, young people can easily save and pay using clear savings pots. The app is fully designed for a new generation: simple, visual, user-friendly, and interactive. BUUT is covered by the Dutch Deposit Guarantee Scheme and combines the reliability of a large bank with the innovative power of Tikkie.
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