UK fintech superapp Revolut recently launched Revolut Junior (also called “Junior”) to customers in Singapore. This feature will allow parents to create a Junior account for their children using their personal Revolut app.
Revolut Junior is an account, card and app that parents can control from their own app. Since Junior was launched in the US, UK, Australia, and wider Europe last year, approximately 10,000 Junior accounts are being created each week. To date, over 320,000 Junior accounts have been set up in over 30 markets.
Track spending and freeze account if needed
Parents can send money to their child’s Junior account and get instant spending alerts for their online and physical in-store payments. They can also freeze and unfreeze their kid’s card to secure their account in the event of card loss.
A child can download the Revolut Junior app to their phone so they can use Revolut’s famous money tools, which have been adapted especially for them to make learning fun. Parents can participate in their child’s financial literacy journey by showing them how the app helps them work towards a saving goal and how budgeting works.
Pam Chuang, Head of Growth, Revolut Singapore:
“In Singapore, 7 is the average age a child starts to get pocket money. This is the perfect time for parents to start teaching them how to manage their money. In Revolut Junior, parents will find the perfect platform to talk about topics such as goal-setting, budgeting, and responsible spending.”
A taste of independence with peace of mind
For tweens and teenagers, the Junior contactless payment debit card will lend a sense of independence while giving parents peace of mind. This is also a great opportunity to teach them how to manage their finances in an increasingly cashless society.
It is free to create a Junior account. Standard customers can create 1 Junior account, Premium customers, 2, and Metal customers, 5. Premium and Metal customers will enjoy additional features such as Co-Parent – where 2 adults can send money to and help manage the Junior account, Tasks – where parents can reward their children for completing chores, Weekly Allowance – where pocket money is automatically added to the Junior account and Goals – where children can save up their spare change to help with a future purchase or target.
For more information, visit https://www.revolut.com/en-SG/legal/revolut-junior