Revolut, the financial 'superapp' with more than 16 million customers worldwide, announced it will bring Apple Pay to Revolut Junior customers across the UK and EEA.
Introducing Apple Pay is Revolut's answer to feedback received over the last few months from customers, in particular 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.
Apple Pay is a safe and secure way for teens to pay without having to use their payment card, touching physical buttons or exchanging cash. Security and privacy are at the core of Apple Pay. When customers use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted, and securely stored in the Secure Element, an industry-standard, certified chip designed to store the payment information safely on the device.
To use Apple Pay, customers simply hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. Every purchase is secure because it is authenticated with Face ID, Touch ID, or device passcode. Apple Pay is widely accepted in grocery stores, pharmacies, taxis, restaurants, coffee shops, retail stores, and many more places. Customers can also make faster and more convenient purchases in apps or on the web without having to create accounts or repeatedly type in shipping and billing information.
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.
Tara Massoudi, Head of Product at Revolut Junior said: "Customer desires drive most of Revolut's product development and this is no exception. 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 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 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.
In addition to creating an account, ordering a card that you can spend with online, in shops or withdraw money at ATMs, Revolut Junior offers some key features to help kids earn, manage their money and spend.
Allowances allow 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 them save towards the things they want, track their progress and celebrate their achievements
The Junior account is an extension of the parent’s Revolut account. Apple Pay is available to Revolut Junior users in the UK and the EEA and will soon also be available in the US, Singapore and Australia.
Apple Pay requires having an Apple ID to sign up. In the UK, teenagers from the age of 13 can sign up to Apple ID.
To learn more about financial institutions' offerings for kids, visit our FS Innovation Radar and download the report "Generation next"
