Financial app Revolut is bringing Apple Pay to Revolut Junior customers across the UK and EEA. It said the move it its answer to the feedback received over the last few months from their customers, and specifically parents and their teenage children. Contactless payments especially cater to teenagers, who will now be able to make quick and hassle-free payments from their Junior account using their iPhone or Apple Watch.
The integration of Apple Pay will allow Revolut Junior customers to use Apple Pay in place of their physical card anywhere contactless payments are accepted, with the exception of stores classed as adult retailers, such as off-licences and betting shops. Apple Pay is widely accepted retail outlets, and every Apple Pay purchase is authenticated with Face ID, Touch ID, or the device passcode.
"Customer desires drive most of Revolut's product development and this is no exception,” said Tara Massoudi, Head of Product at Revolut Junior. “Our research shows that the younger generation has a strong preference for digital wallets. Bringing Apple Pay to teens simplifies payments with Revolut Junior and adds an extra layer of safety, for the benefit of teens and their parents. We're moving towards a cashless society, and the pandemic has accelerated digital payment trends even more. We've come a long way since piggy banks with cash and kids need new tools to evolve with this shift."
Revolut Junior is an extension to the parent’s Revolut account, and is designed for kids and teens between the ages of 6 and 17, with a focus on teaching them financial skills that will last a life-time. Junior was specifically created by Revolut to enable children to learn money management skills through tailored money tools, a personal account, and a card. It gives kids the freedom to earn, manage and spend money in an environment that's completely controlled by the parent.
Other Revolut Junior features include Allowances, which enable parents to set up a standing order to add a fixed amount of pocket money for their kid on an ongoing basis.
Challenges allow parents to set chores and to-dos for their kids, each with a financial value against it. Once done, these can be marked as done and the parent can pay for the completed task.
Goals allow parents to create pots of money to help Revolut Junior customers save towards the things they want, track the progress and celebrate the achievements