A Revolut Junior account is designed for kids and teens and is an extension of the parent’s Revolut account. Users will now be able to use an iPhone or Apple Watch to make payments from this account, according to the report.
This will soon happen in the United States, Singapore and Australia.
“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,” Tara Massoudi, head of product at Revolut Junior, said, as quoted in the report. “We’re moving towards a cashless society, and the pandemic has accelerated digital payment trends even more.”
In July, London-based Revolut raised $800 million in funding at a $33 billion valuation, making the firm the U.K.’s most valuable private tech company in history and one of the best-funded FinTechs not just in Europe, but in the world at large.
Revolut is a digital banking alternative that includes a prepaid debit card, currency exchange and peer-to-peer payments, PYMNTS has reported. The Revolut app was ranked No. 2 in the latest edition of PYMNTS’ Digital Banking App Provider Ranking, which was announced Nov. 3.
The firm, which bills itself as a “financial super app,” launched in 2015 as a money-transfer service before expanding its services to include digital banking, stock trading, cryptocurrency features and more for its 16 million-plus customers worldwide.
The company’s goal is to use the new money from investors to expand into new products and markets, PYMNTS reported Sept. 29.