Digital challenger bank Revolut has introduced a new kid-friendly money management app and service that aims to encourage financial literacy among children.
Revolut Junior allows a child to have their own contactless payment card that can be topped up by parents to a maximum €40 each month. The app, which is for youngsters aged between seven and 17 years of age, gives them access to a list of transactions so they can monitor their spending and check their balances. Parents however retain control of the account however as it integrates with their Revolut app.
As well as including a weekly allowance option, the solution also includes a ‘tasks’ feature which enables children to boost their saving by completing chores and goals set by parents.
The service was already available to a limited number Irish customers with the most expensive Revolut accounts but is now being rolled out to standard ones too. However, there are limitations for such users with only one junior account being able to be added compared to 2 for those with premium plans and as many as five for those with the ultra-premium ‘metal’ accounts.
Revolut, which claims more than one million customers in the Republic, said those wishing to use the new solution do not need to own a mobile phone.
Aurelien GuiChard, product owner for Revolut Junior said with more shops and cafes going contactless due to the coronavirus pandemic, the solution would solve the problems that this can lead to for youngsters.