INSUBCONTINENT EXCLUSIVE:
Revolut is introducing a new product specifically targeted toward kids aged 7-17 years old —Revolut Junior
Revolut Junior is a new app and service that integrates directly with the main Revolut app on the parent side.
Parents or legal gardians who
are also Revolut users can create a Revolut Junior account for their kid
After that, your kid can download the Revolut Junior app and get a Revolut Junior card.
The new app offers a limited set of features with an
interface divided in two tabs — Account and Profile
Kids can see a list of transactions in real time in the Account tab
They can configure card settings in the Profile tab
And that about it.
On the other end, parents can control their kids& spending from Revolut
They can transfer money to a Revolut Junior account instantly
Parents can also access balances and transactions as well as disable some card features, such as online payments
They can also choose to receive notifications when a child is using their card.
The reason why Revolut Junior can attract a ton of users is
that Revolut itself already has over 10 million users
It going to be easier to convince existing Revolut customers to use Revolut Junior over a custom-made challenger bank for teens, such as
Arguably, the biggest competitor of challenger banks for teens is still cash.
As kids grow up, chances are they&ll switch to a full-fledged
Revolut account if they&ve been using Revolut Junior for years
Revolut Junior represents a great acquisition funnel as well.
Revolut Junior is only available to Premium and Metal customers in the U.K
The company will eventually roll it out to more users and more countries.
Revolut plans to add more features to Revolut Junior in the future
For instance, parents will be able to set a regular allowance and financial goals
Kids will get savings options, spending reports, spending limits and more.
