Verizon this week announced the Gizmo Watch 3, a third-generation wearable tracker for kids.

The latest version of this child-centric smartwatch is meant to give kids some basic connectivity and entertainment features while allowing parents to keep track of their children's whereabouts. Verizon made a number of improvements to the Gizmo Watch 3 to make it a more appealing device for both kid and parent alike.

First, kids get to choose from two different colors: Blue Clay and Mint. Then there's the new front-facing camera that enables video calls and video messages, as well as still photos that can all be shared with trusted contacts. There's the Gizmo Watch 3 buddies feature, which lets kids message, call, or video chat with their (parent-approved) friends who also have a Gizmo Watch 3. There are also new watch face designs, such as several that change with the season or time of day. Last, kids have access to several more games, including Tic Tac Toe.

Parents gain some benefits as well. To start, the Gizmo Watch 3 doubles the number of Trusted Contacts from 10 to 20. This gives parents more flexibility in allowing who can contact their kid, such as caregivers or extended relatives.

The new wearable also supports more GPS-defined safe zones and will send parental alerts should the child leave the designated safe space. Further, the updated Snapdragon Wear 4100 processor offers 80% more talk time and 20% more standby time when compared to the previous generation Gizmo Watch. Last, the Bluetooth radio makes it simpler to pair the watch with wireless headphones for quiet playtime.

The Verizon Gizmo Watch 3 goes on sale Jan. 5. It costs $149.99, though Verizon will break that down into 36 monthly payments of $4.17 when paired with a standard parent account. For a limited time, parents can buy one Gizmo Watch 3 at full price and receive a second one for $50.