Meet Pixpay, a French startup that aspires to replace cash when you are giving out pocket money to your children.
Anybody that is more than ten years old can create a Pixpay account, receive a debit card, and handle pocket money.
The Introduction to Challenger Banks
Challenger banks are nothing unique, but they are still often targeted towards adults.
If you need to create an N26 or Revolut account, you have to be a minimum of 18 years old.
You can open a Lydia account if you are at least 14 years old with parental approval.
Pixpay, like Kard, desires to fill that gap and give the latest payment methods to teens so that you can leave cash altogether.
Parents and children both can download the Pixpay app to communicate with the service.
A few days after opening an account, your child gets a Mastercard.
It gives the same features that you would assume from a challenger bank.
You can change the PIN code, lock it, and unlock it, get a notification with each transaction and modify some features, such as limits, ATM withdrawals, online payments, and payments overseas.
Pixpay additionally lets you create virtual cards for online payments.
In addition to a few spending analytics, users can design projects and set money aside to purchase a costly thing after months of savings.
Parents can also set an interest rate on a safe account to educate children on how to save money.
In the future, Pixpay desires to allow teens to accumulate money after a babysitting job, for example.
The Involvement of Students
As for parents, they can transfer money directly from the Pixpay app.
Parents can view a summary of various accounts in case you have many children using Pixpay.
Ultimately, the startup wants to let both the parents handle the account of their child, which can be beneficial for separated couples.
Pixpay charges users €2.99 per month per card.
The startup has allocated $3.4 million (€3.1 million) from Global Founders Capital.
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Image Courtesy: Pixpay