PPS partners with Vybe, the fintech for Generation Z
Launched in September 2020, Vybe offers a free payment card for youth aged 13 to 18 years old, and an application to help manage their spending. Each user has a French IBAN and can make purchases with their mobile phone. Alleviating any parental fears around their teenagers’ spending, a secure mirror homepage enables parents to keep tabs on spending and make instant transfers. Vybe’s e-wallet capabilities allow customers to spend, using full debit BIN capabilities.
With only 10% of teenagers being bank authorised, France counts five million young people aged 13 to 18 years old with no access to financial services. Created by Generation Z for Generation Z, the demographic presents a new breed of customers for financial organisations, as the first generation to be born and raised with social media platforms.
By using PPS’ e-money licenses and technology infrastructure, all Vybe accounts come with a PPS-powered Mastercard virtual card as standard, which can be added to customers’ digital wallets within minutes of applying and used for contactless and online spending. Going forward later this year, customers will be able to choose to order a physical, contactless, PPS-powered Mastercard card, which can be used for POS payments and ATM withdrawals anywhere that accepts Mastercard.
PPS, an Edenred subsidiary, is a Mastercard Principal Member and an FCA regulated Electronic Money Institution, offering a range of services including processing, UK and SEPA banking solutions, BIN sponsorship, e-wallet provision, compliance and fraud services, supply chain management, customer services and end-to-end program design and management.
Source: The Paypers