Revolut Junior allows children and teenagers their own contactless payment card that can be topped up by parents and guardians to a maximum of €40 each month
Digital bank and cash app company Revolut has introduced a new child-friendly money management app that allows parents and guardians to retain control over spending, while also encouraging financial literacy among children.
Revolut Junior was launched by Revolut – a company that claims over one million customers in the south of Ireland – as a modern way to update the concept of ‘pocket money.’ The contactless card can be topped up to a maximum of €40 each month.
The app, designed for young people between the ages of 7 and 17, gives access to a list of transactions, and allows children and teenagers to monitor their spending and check their balances. Parents retain control of the account as it syncs with their Revolut app.
The parents or guardians can also control the ability to make online purchases, withdraw cash at ATMs, and make contactless payments.
The app also includes a ‘tasks’ section which allows children to critically think about their savings by completing a set of jobs and goals set up by parents or guardians. Children are rewarded by caregivers for completing each task set.
Revolut Junior’s product owner, Aurelien Guichard, said: “We have noticed that many shops, cafes and restaurants have switched to cashless payments only during the pandemic.
“This means that children, who are traditionally given pocket money in cash, can be financially excluded. We believe Revolut Junior cards will tackle this problem and allow children to pay contactless and use their pocket money in a safe and secure way, overseen by their parent or guardian.”
For more information, please see the Revolut website.