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Revolut has introduced a new money management product for children. It is called “Revolut Junior” and is aimed at children aged 7-17 years.
Revolut has been one of the new fintech apps taking the world by storm from the very beginning of its existence. Its unique offerings have wowed everyone. It came as no surprise to members of the fintech community when they announced a new children’s product. The “Money-Management” app named Revolut Junior aims to target younger children.
The target range for the new product indicates that a new turf war may be in the offing for fintech companies. 7-17 seems to be the new target age for financial services. While such new apps are operated with the guidance of parents and guardians, it points to how dynamic humanity has become.
Revolut Junior Also Comes with a Card
Revolut aims to take the new service even further than many previously thought. Sources say that the fintech service aims to include a card which children can use to have access to their funds.
Children of premium and metal customers within the United Kingdom will initially have access to the app. Later, other children will be able to have access as well. Sources say that the app will come with all kins of controls that enable parents to control all the aspects of the Children’s financial behavior.
To some, this is not enough. While financial education for Children is a great idea, including children on a consumerist basis has raised privacy concerns for some.
Children are yet to go into adulthood. A such, their financial decisions should be protected by strong privacy laws. While the U.S. children’s Online Privacy Protection Act (COPPA) of 1998 does much, financial privacy in this day and age is an issue. Including children to that mix could be adding fuel to the fire of current privacy concerns.
The vaguest of ideas concerning financial privacy in the United Kingdom covers many areas. The Data Protection Act of 2018 may cover broad use-cases for adults but children are a special case altogether. These are the considerations of privacy advocates who think that fintech companies may be stretching it too far. Creating products that encourage financial inclusion for children is a bit too much for many people.
Though parental monitoring is a primary tool of control, giving children access to money without proper guidance has consequences. This is what privacy advocates fear. The rise of mobile technology hasn’t helped either.
Innovation Is Way Out
This though hasn’t dampened the enthusiasm of fintech companies. it may also offer a way out for those whose bottom-lines depend on such witty innovations.
Many within financial circles point to successful business people. They often indicate that the right training regarding money was a principal success factor. This is the thinking of many financial solutions aimed at children.
For now, only Monzo has a similar product that is aimed at 17-year olds.
Revolut needs the ultimate success of Revolut Junior to help its bottom line. Its $5.5 billion valuations after February’s successful fundraising says much about its appeal. this appeal may just resonate with the younger ones.