Revolut, the financial superapp with more than 18 million customers worldwide, today announced that it will bring Google Pay to Revolut Junior customers across the UK and EEA.
Introducing Google Pay responds to feedback received over the last few months from customers, specifically parents and their teenage children. Contactless payments make life easier for teenagers, who will now be able to make quick and hassle free payments from their Junior account using their smartphone.
Google Pay is a safe and secure way for teens to pay without having to carry or use their payment card, touching physical buttons or exchanging cash. Digital wallets, such as Google Pay, simplify the use of Revolut cards, are widely accepted and are safer than the traditional cards or cash.
To use Google Pay, customers simply hold their compatible Android device 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. Google 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.
Tara Massoudi, Head of Product for Revolut Junior 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 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 specifically 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 the progress and celebrate the achievements
The Junior account is an extension to the parent’s Revolut account. Google 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. Google Pay requires having a Google Account to sign up.
Source ; www.finextra.com