Financial Inclusion

Revolut Rolls Out Banking App For Kids

Revolut Junior will allow children to participate in banking

With new mobile app Revolut Junior, global finance platform Revolut wants to get children into the money business, according to a press release.

Revolut Junior will be targeted at children from the ages of 7 to 17, and will aim to teach them about finances, saving money and more.

Revolut Junior Product Owner Aurelien Guichard said in the release that the drive behind the project is the basic idea that financial literacy and knowledge has to sprout first from a child's home. Guichard said the idea is that kids can use the app starting at a young age and grow with it until they turn 18 and are ready for a regular adult account. At that time, Guichard said he hopes they will have the necessary skills to stay afloat financially.

The app will let kids check their balances and set up alerts to tell them when they're getting low on funds. Parents will have access to all of it, too, and will be able to control some functions like online payments. Parents can manage their own finances through their own Revolut accounts if they wish, for a one-stop-shop-type of effect. That will also constitute parents being able to transfer money to their kids' accounts.

More features are slated to be added later on, such as allowing parents to set a regular allowance, financial tasks and goals, different ways to save, detailed spending reports, limits on spending, and also more detailed schooling of sorts to teach young people how to truly manage their money.

All of these features will be added with an eye toward letting both children and their parents get involved with the app and start discussions within the family regarding finances.

The program is supported by Visa.

Revolut Kids will be available to U.K. Premium and Metal Revolut customers initially, and then it will roll out to all customers within the next few months, according to the release.

Banking apps for young people are becoming more popular as Venmo is coming out with a similar product.

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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