Revolut has announced that Google Pay will be made available to its Revolut Junior users in the UK and European Economic Area (EEA), after consulting customer feedback.
The international open bank has identified Google Pay as a safe and reliable way for teenage Revolut customers to make transactions without exchanging cash, touch physical buttons or use their payment card.
Feedback sessions over the last few months with Revolut customers, in particular parents of teenage children as well as the younger demographic, identified a demand for smartphone-based contactless payment methods.
“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,” said Tara Massoudi, Head of Product for Revolut Junior.
“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.”
Initially making Google Pay available to EEA and UK Junior customers, Revolut has detailed plans for a futher rollout internationally in the US, Singapore and Australia, with its users requiring a Google Account in order to access the offering.
The development is Revolut’s second major breakthrough in the European payments space this month, after it was granted a banking licence in Lithuania by the European Central Bank following a proposal from the Bank of Lithuania.
The Revolut Junior platform is designed specifically for 16 and 17 year olds, with a focus on financial skill development. Revolut specifically designed the Junior product with tailored money tools, a personal account and a card with the goal of granting teenagers “freedom to earn, manage and spend money in an environment that’s completely controlled by the parent”.