With the new Apple Cash Family, parents can securely send their kids money to spend on their watch using Apple Pay. Parents can choose to receive notifications when their kids pay, and view their child’s purchases right in Wallet on their own iPhone.
US only, as Apple Cash is only currently available in the US, though I do hope they eventually bring it to the U.K.
This seems to be similar to the recently launched Starling Kite product. Quite interesting.