INSUBCONTINENT EXCLUSIVE:
Meet Pixpay, a French startup that wants to replace cash when you’re handing out pocket money to your kids
Anybody who is older than 10 years old can create a Pixpay account, get a debit card and manage pocket money.Challenger banks are nothing
new, but they’re still mostly targeted towards adults
If you want to create an N26 or Revolut account, you need to be at least 18 years old
You can create a Lydia account if you’re at least 14 years old with parental consent.Pixpay, like Kard, wants to fill that gap and offer
modern payment methods to teens so that you can ditch cash altogether
Parents and kids both download the Pixpay app to interact with the service.A few days after creating an account, your child receives a
It offers the same features that you’d expect from a challenger bank — you can customize the PIN code, lock it and unlock it, receive a
notification with each transaction and restrict some features, such as limits, ATM withdrawals, online payments and payments abroad
Pixpay also lets you generate virtual cards for online payments.In addition to some spending analytics, users can create projects and set
money aside to buy an expensive thing after months of savings
Parents can also define an interest rate on a vault account to teach children how to save money
In the future, Pixpay wants to let teens collect money after a babysitting job for instance.As for parents, they can send money instantly
You can top up your Pixpay account with your favorite debit card and send money on a regular basis (€4 per week for instance) or for
one-off payment (here’s €15 for your movie ticket and fast food).Parents can see an overview of multiple accounts in case you have
multiple children using Pixpay
Eventually, the startup wants to let multiple parents manage the account of their child, which could be useful for separated couples.Pixpay
costs €2.99 per month per card
Payments and ATM withdrawals in the Eurozone are free
Transactions in foreign currencies cost 2% in foreign exchange and ATM withdrawals outside of the Eurozone cost €2.The startup has raised
$3.4 million (€3.1 million) from Global Founders Capital
The company partners with Treezor, a banking-as-a-service platform that lets you generate cards and e-wallet accounts using an API.
