Pixpay is a challenger bank for teens focused on pocket money – TechCrunch
Meet Pixpay, a French startup that wishes to interchange money while you’re handing out pocket money on your children. Anybody who is older than 10 years outdated can create a Pixpay account, get a debit card and arrange pocket money.
Challenger banks are not anything new, however they’re nonetheless most commonly focused in opposition to adults. If you need to create an N26 or Revolut account, you want to be no less than 18 years outdated. You can create a Lydia account should you’re no less than 14 years outdated with parental consent.
Pixpay, like Kard, needs to fill that hole and be offering fashionable cost the best way to teens so to ditch money altogether. Parents and children each obtain the Pixpay app to have interaction with the carrier.
A couple of days after growing an account, your kid receives a Mastercard. It provides the similar options that you just’d be expecting from a challenger bank — you’ll customise the PIN code, lock it and free up it, obtain a notification with each and every transaction and limit some options, comparable to limits, ATM withdrawals, on-line bills and bills in another country. Pixpay additionally permits you to generate digital playing cards for on-line bills.
In addition to a couple spending analytics, customers can create initiatives and set money apart to shop for a dear factor after months of financial savings. Parents too can outline an rate of interest on a vault account to show youngsters save money. In the longer term, Pixpay needs to let teens gather money after a babysitting process for example.
As for folks, they are able to ship money right away from the Pixpay app. You can most sensible up your Pixpay account along with your favourite debit card and ship money on a common foundation (€four a week for example) or for one-off cost (right here’s €15 for your film price ticket and rapid meals).
Parents can see an outline of more than one accounts if you have more than one youngsters the use of Pixpay. Eventually, the startup needs to let more than one folks arrange the account in their kid, which may well be helpful for separated couples.
Pixpay prices €2.99 per thirty days in keeping with card. Payments and ATM withdrawals within the Eurozone are unfastened. Transactions in foreign exchange value 2% in foreign currencies and ATM withdrawals outdoor of the Eurozone value €2.
The startup has raised $three.four million (€three.1 million) from Global Founders Capital. The corporate companions with Treezor, a banking-as-a-service platform that allows you to generate playing cards and e-wallet accounts the use of an API.