Revolut is a financial super-app that has over 18 million users globally. On December 24, the company confirmed that it will bring Google Pay to Revolut Junior clients across EEA and the United Kingdom. Bringing in Google Pay is a direct response to feedback acquired in the last several months from clients, mainly parents together with their teenage children.
Contactless payments make life significantly easy for teenagers who can make quick and hassle-free payments from the Junior accounts using their smartphones.
Google has already been proven to be a safe and secure method for teens to pay without needing to carry or use their payment card, touch physical buttons, or exchange cash. Digital wallets like Google Pay are known to simplify the use of Revolut cards. They are majorly accepted and have proven to be a safer method of money transfer than traditional cards or cash.
To use Google Pay, clients just need to hold their compatible Android device near a payment terminal enabling them to make a contactless payment. Each of the purchases is secure since it is validated with Touch ID, Face ID, or device passcode. Google Pay is mostly accepted in pharmacies, coffee shops, grocery stores, retail stores, taxis, restaurants, and many other places.
Users can also make quick and more convenient purchases in apps or via the web without needing to create accounts or continuously type in billing and shipping information. The Head of Product for Revolut Junior, Tara Massoudi, said:
“Customer desires drive most of Revolut’s product development and this is no exception. Our research shows that young people have a strong preference for digital wallets. Bringing Google Pay to teens simplifies payments with Revolut Junior and adds an extra layer of safety – for 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 designed to serve kids and teens aged between 6 and 17 with a primary focus on teaching them financial skills that will last a lifetime. Junior was mainly created by Revolut to enable children and teens to learn about management skills using tailored money tools, a card, and a personal account.
It offers children the freedom to earn some money, manage, and spend it in an environment that is entirely controlled by the parents. On top of creating an account, ordering any form of a card that one can use to spend online, in shops, or withdraw funds at ATMs, Revolut Junior provides some major features to enable the children to earn, spend, and manage their money.
Allowances enable parents to create a standing order to include a fixed amount of pocket money for their children continuously. Challenges enable the parents to set activities, duties, and to-dos for their children, every one of them with a financial value against it.
Once they have been done, the to-dos can be marked as done, and the parent can pay for the completed task goals. The platform enables the parents to create pots of money that will help the children save towards the things that they want, track the progress, and then celebrate the achievements.
The Revolut Junior account is an extension to the parent’s account. Google Pay is available to the Revolut Junior users in the EEA and the United Kingdom. It will soon be made available in Australia, Singapore, and the United States. Google Pay needs to have a Google Account to sign up.