UK-based financial technology company Revolut has announced redesigning its offer for 6 to 17-year-olds to include P2P payments and card personalisation.
The Revolut Junior offer will become Revolut <18. In addition to a new vibrant yellow app and card design, the account now also offers P2P payments and card personalisation, which are two features that are intended to appeal to teenagers. With the P2P function, users can send and receive money in seconds directly in the app and from anywhere.
Social payments are also possible, which means that each transaction can be accompanied with GIFs or personal messages. The physical payment cards can now also be personalised. The Revolut <18 website now offers users the ability to customise debit cards with images, text, emoji, and even freehand sketches. Young users can design their card directly in the app.
The account, which was initially launched under the name Revolut Junior, for children between the ages of 6 and 17 is still free. The account can be activated at any time in the parent's or guardian's Revolut app. Parents remain in control of children's spending and control the account from their own account. If the child is older than 16 years old, they can register with Revolut <18 independently with the consent of their parents.
This product expansion follows news that Revolut had been granted authorisation by the Cyprus Securities and Exchange Commission (CYSEC) to offer crypto services across the European Economic Area (EEA).
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