| Developers: | Revolut |
| Date of the premiere of the system: | March, 2020 |
| Branches: | Financial services, investments and audit |
| Technology: | Systems of remote banking |
2020: Application launch
In the middle of March, 2020 the digital bank with the Russian roots Revolut started the application intended for children at the age of 7-17 years to which begin to give pocket money. The Revolut Junior application is directly integrated with the main Revolut application from parents.
Parents or lawyers who are users of Revolut can create Revolut Junior account for the child who will be able to load the corresponding application and to receive the special card. The application offers limited feature set with the interface separated into two tabs. Children will be able to see all list of transactions in real time on the Account tab and also to configure card settings on the Profile tab.
At the same time parents will be able to control expenses of the children from the Revolut application and instantly to transfer money to the account of Revolut Junior. Parents also poluchit data access about balance and to transactions of the child and also can turn off some functions of the children's card, for example, online payments. They can also receive notifications when the child uses the card.
Revolut Junior can attract the mass of users as the main Revolut application is used already by more than 10 million people. Clients of Revolut will purchase Revolut Junior service rather, than will create the separate account in bank for teenagers. At the same time there is a probability that children, there are a lot of years the using Revolut Junior, in the future will pass to a full-fledged account of Revolut.
Revolut Junior is still available only to clients of Premium and Metal in Great Britain. In the future the bank is going to expand access to the application and also to add more features in Revolut Junior service. For example, parents will be able to set regular payments of pocket money to children and to configure the financial purposes. Children will have an opportunity to do savings, to receive expense reports, to set limits of expenses and many other things.[1]
Notes
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