London (CNN Business) Children may not be stashing coins in piggy banks for much longer; with the move towards a cashless society, pocket money is moving digital.

To reflect this trend, a flurry of mobile budgeting apps for children has sprung up worldwide: GoHenry, Osper and Gimi to name a few.

These apps offer a simple money management service for children, often for a monthly subscription fee paid by the parents. Parents can add money to children's accounts, set limits and monitor transactions, while children can choose to save their money or spend it using a prepaid card that works like a debit card. The apps suggest minimum ages ranging from six to nine for the prepaid card.

Set to join the pocket money market is the digital bank Revolut, with its upcoming launch of Revolut Youth for seven to 18-year-olds. Parents who are already Revolut customers will be able to add their children to their account as secondary users, each with their own personal debit card. Parents can monitor the child's account through their existing app, while kids can download their own child-friendly version. Initial testing has begun, with the dedicated app for kids expected to become available in the United Kingdom in the first quarter of 2020.

Spend responsibly

Read More