Revolut has rolled out a range of new features for teenagers – and Newstalk Tech Correspondent Jess Kelly says it’s a win for both parents and kids.
The banking app had rebranded its underage offering to Revolut <18 offering young people new personalised spending cards and the ability to exchange money with their friends.
The app allows children and teenagers to track their spending in real time – and send parents an instant notification every time they use their card.
On Newstalk Breakfast this morning, Jess said the new app gives older teenagers a chance to have a bit more control over their money.
“What’s really interesting about this is they have made a special part of Revolut <18 for those aged between 16 and 18,” she said.
“Now the new feature is that kids between 16 and 18 can Revolut each other money. So, if your kids are out and if they’re going to the cinema and buying a ticket for a friend, that friend can now Revolut them money. Before now, it was only parents that could add money to a child’s account.
“It is good to see that it’s giving them a bit more control and bit more eyes-on on their own account.
“They’re just continuing to finesse that offering to educate young people about their money – where they’re spending it, how often they are spending it and so on.”
She said she would “highly recommend” Revolut to parents and young people.
“I’m not a child but I actually love Revolut because every month you get a breakdown of the categories you’re spending your money on, the shops you’re spending your money in an so on.
“I think for younger people to have eyes on that and to understand the trends and where that money goes; I do think it is very beneficial.”
She said there are several features parents need to be aware of.
“Firstly, for you to have a Revolut <18 account for you child, you need to have a Revolut account as the parent,” she said.
She said there are safety options in place that prevent children from buying from certain websites, but parents should take care because there are “still ways for kids to get their hands on content you don’t want them to have”.
“There are limits in terms of cash withdrawal in a month and also they can only have, I think it is €7,200, go through the Revolut account in one year,” she said.
“So, there are terms and conditions but if you’re looking for a place to store that pocket money and give them a bit of financial independence, it’s definitely worth looking at.”
Finally, Jess said, the ability for parents to see the specific shops children are spending their money is “very beneficial”.
According to Revolut, over 400,000 young people in Ireland are already Revolut <18 customers.
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