Revolut is launching the latest product specially targeted toward kids aged 7-17 years old, Revolut Junior. This is the latest app and service that links directly with the main Revolut app on the parent’s side.
A Great Monitoring Option
Parents or legal guardians who are current Revolut users can make a Revolut Junior account for their kid. After doing that, your kid can download the Revolut Junior app and receive a Revolut Junior card.
The latest app provides a restricted set of features that are integrated into an interface divided into two tabs, Account and Profile. Kids are enabled to view a list of transactions in real-time in the Account tab. They can also configure card settings in the Profile tab, and these two offerings are about it.
Also, parents can control their kids’ spending from Revolut. They can make transfers to a Revolut Junior account instantly. Parents are also provided with access to balances and transactions as well as disabling some card features, like online payments. They can also select to receive notifications when a child is making the use of their card.
It could become a popular choice
The reason why Revolut Junior could become a popular choice and attract a ton of users is that its parent, Revolut itself already has more than 10 million users. It is going to be easier to persuade current Revolut customers to use Revolut Junior in place of a custom-developed challenger bank for teens, such as Step or Kard. Supposedly, the biggest rival of challenger banks for teens is still cash.
As kids grow up, there are chances that they will switch to a full-fledged Revolut account if they’ve got accustomed to Revolut Junior for years. Revolut Junior symbolizes a great acquisition funnel as well.
For now, Revolut Junior is only available to Premium and Metal customers in the U.K. The company is going to eventually release it to more users and more countries.
Revolut is planning to include more features to Revolut Junior in the future. For instance, parents are going to be able to set a regular allowance and financial goals. Kids will receive savings options, spending reports, spending limits and more.
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