European fintech unicorn Revolut has been among the mainstream financial services providers that have fully embraced digital currencies, allowing its users seamless access. And now, the company has announced a new money management tool for kids, a move that might end up bringing in the next generation of digital currency users.
Revolut announced the new app tool recently, revealing that it will target kids aged between 7 and 17. It will initially be available to customers that subscribe to its two top tiers – Premium and Metal, in the U.K. These customers can open the Junior account for their kids, send them money and monitor their spending. The kids will get a Revolut Junior Visa card and an accompanying app where they can check their balances and monitor their transactions.
The company intends on introducing other features later this year such as the ability to set financial tasks and goals, spending limits and reports, regular allowance and financial guidance for the young ones.
The product owner of Revolut Junior, Aurelien Guichard remarked, “Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with help of parents and guardians. Revolut Junior ‘grows’ with kids until they are eligible for a standard 18+ account so that once they are independent, they have the financial skills and literacy to avoid potentially costly mistakes.”
So, how does this impact the digital currency space? Well, Revolut is reaching out to the next generation, one that will be crucial in deciding how digital currencies shape up in the next decade. Satoshi Nakamoto created Bitcoin to be a global currency, and this generation could be the one that gets to fully enjoy these benefits. Granted, they are just kids now, but in a decade, they will be in college and beyond, and will be the ones determining the direction that technology takes, both in the financial world and beyond.
Revolut hasn’t made it clear if the Junior account holders will have access to digital currencies, and it’s unlikely they will. However, they will grow up using Revolut and will eventually end up as the next generation of Revolut users, with full exposure to digital currencies.
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