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Revolut redesigns its 'Junior' offer

Wednesday 24 August 2022 15:06 CET | News

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.

UK-based financial technology company Revolut has announced redesigning its offer for 6 to 17-year-olds to include P2P payments and card personalisation.

Legalities for Revolut <18

For children under the age of 16, Art. 8 of the GDPR specifies that consent is only effective if it was given by the parents themselves or at least was designed with their approval. According to a Revolut representative, Revolut <18 is an account that grows with the child and offers a digital money management experience from an early age.

New features

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.

With each account, young people receive a virtual debit card, which can also be ordered as a physical card free of charge. In addition, the account also offers Google Pay and Apple Pay for contactless payments. Revolut also offers a “pocket money” function for automatic transfer of pocket money, “goals” for successful saving and “rewards” for household chores.

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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Keywords: expansion, bank account, mobile banking, banking, debit card
Categories: Banking & Fintech
Companies:
Countries: Europe, United Kingdom
This article is part of category

Banking & Fintech