Digital banking platform Revolut has launched a financial app that has been developed specifically for kids. The Fintech app is controlled by the child’s parent or their legal guardian so that they are able to monitor how the tools are being used.
Revolut Junior allows kids to make independent financial decisions while allowing their parents to keep track of how they’re using the app. Parents are able to manage the security settings remotely in order to ensure the safety of their child.
The Fintech app has already been introduced in over 30 markets across the globe.
Revolut’s management noted that kids in Singapore usually start getting an allowance or pocket money at 7 years of age, which makes it the ideal time for parents to begin engaging them in productive discussions about effective money management.
Revolut Standard clients may set up 1 complimentary Junior account. Revolut Premium customers have the option of setting up 2 complimentary Junior accounts and Revolut Metal customers are able to maintain 5 complimentary Junior accounts. They will also have the option to order a Revolut Junior Visa debit card with a special design.
Revolut stated that its clients may be able to draw parallels between the funds deposited in their child’s Junior account and their own personal salary credits, in order to educate their kids on the importance of financial management.
Revolut’s digital money tools have also been used to make learning more fun and engaging for kids. Revolut Premium and Metal customers may access additional features via the digital bank’s app, like “Tasks” and “Goals”, in order to motivate their kids to begin working towards specific goals like saving up for college.
Using this feature, parents may assign a particular task and corresponding e-money rewards to their kids. When the child marks the task as “complete” on their Revolut Junior app, their parents just need to acknowledge or confirm this via their own app interface and then the promised reward (money) is sent automatically to the Junior account.
If the kids want a big ticket or more expensive item, then their parents may decide to meet them halfway and have them save up a part of the total cost for the purchase as a goal.
Kids are able to track, “earn”, and manage their allowances while their parents or guardians can add and withdraw funds, access various security features and options like freezing/unfreezing the Junior card, and also appoint a co-parent to give another adult the power to control the Junior account.