Three dads with young children have launched a pay-as-you-go cell phone service called Kajeet that has no contracts or cancellation fees. Parents can deposit money into an account that also allows
their children to purchase features such as ring tones, games and text messages.
Parents also can set monthly allowances, which Kajeet says will help them teach kids about budgeting. They
can set up "wallets"--so, for example, money for calls to family members comes out of the parents' pocket, but the child pays for calls and text messages to friends. Parents can also block calls
during certain times of the day.
The Bethesda, Md. startup is named after the initials of the partner's children. After receiving $27 million from investors and spending three years
researching what children and parents want, the company launched last month. While it's aiming at youngsters as old as 16, its primary target is the "tween" market of 8- to 12-year olds.
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