- Customers of Revolut Singapore can now set up Junior accounts for their children, aged 7 – 17. Standard customers can set up 1 Junior account for free, while Premium and Metal customers have up to 2 and 5 Junior accounts respectively
- Designed to promote financial literacy and good money management habits among young people, a Junior account can be used with a contactless debit card and a specially designed app
- Junior accounts are managed by parents or a legal guardian from their own Revolut app
UK fintech superapp Revolut launches Revolut Junior (also called “Junior”) to customers in Singapore today. 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.
“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,” said Pam Chuang, Head of Growth, Revolut Singapore.
“Digital technology usage is prevalent among young children and teens who are extremely technology savvy. At Visa, we believe in the importance of educating youths on money management skills and digital payments usage starting from a young age and parental guidance is crucial,” said Kunal Chatterjee, Visa Country Manager for Singapore & Brunei.
“That is why we are extremely excited to partner with Revolut to launch the Revolut Junior account, which enables parents to transfer money to their children’s accounts seamlessly whilst having visibility of how they are spending online, and in stores. Being equipped with financial literacy skills will empower children and teenagers to manage their finances better when they enter the workforce in future and learn how to use digital payments wisely,” he added.
Set to take the SG fintech scene by storm after braving through the pandemic
Fintech has seen tremendous growth in the past year despite the pandemic. In fact, COVID-19 pushed the use of cashless avenues furthering fintech trends in Apac and all around the region. We asked how the past year has been for Revolut Singapore.
Pam Chuang, Head of Growth, Revolut Singapore shared “Revolut’s revenue took a hit in the early days of the pandemic because travel restrictions meant that our customers had fewer opportunities to use our FX product and the multi-currency card. However, we launched more features to encourage our customers to see Revolut as more than just a travel card.
In July 2020, we introduced Rewards, which gives our customers cashback deals with popular eCommerce merchants. By Q4 of 2020, spending on the platform had doubled and we have since seen transaction volumes and spend exceed pre-Covid levels.”
Winnie Tuang, Senior Manager, Strategy & Operations said “More and more merchants are accepting cashless payment methods and customers have been quick to adopt them. For children, it has become necessary to include this aspect into their early education about financial literacy. Money – be it in its physical form or digital – is not an infinite resource.”
“Revolut Junior hopes to empower children to take an interest in their financial lives from an early age. The financial tools in the app have been designed for children in mind, to make things like saving and goal-setting fun and interactive,” she added.
What should kids be most excited about with Revolut Junior
Winnie from Revolut suggests that when setting up their child’s Junior account, parents can involve them by asking them to pick a design they want for their Revolut Junior Visa debit card. The debit card is available for all children with a Junior account. Kids as young as 7 can take this opportunity to learn how cashless payments work.
Pam believes that kids will be definitely excited about having visibility to their Junior account and seeing their balances go up and down. Most bank accounts for children in the market are designed to update and inform parents, so kids don’t actually get any feedback when they save.
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
- T asks – where parents can reward their children for completing chores
- Weekly Allowance– where pocket money is automatically added to the Junior account
- Goals-where children can save up their spare change to help with a future purchase or target.
Find out more about Revolut Junior here: https://www.revolut.com/en-SG/legal/revolut-junior