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6th October, 2020: PPS, formerly PrePay Solutions, and subsidiary of Edenred, the everyday companion for people at work, has today announced its partnership with Vybe, the fintech dedicated to young people.
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, utilising 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 utilising 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.
Ray Brash, CEO of PPS, commented on the partnership: “Unlike Millennials who witnessed the rise of the digital age, Gen Z has never known a world without smartphones, social media and instant access to information. This trend setting company has huge growth plans following the initial launch in France, and we’re excited to continue supporting with an ever-evolving product roadmap to meet the demands on this demographic who are changing the face of fintech.”
Vincent Jouanne, CEO and Co-founder of Vybe added: “Together, with the hard-working PPS team, we have created something truly special that is redefining financial services for a generation that has historically been facing difficulties in accessing such programs. As one of the first in the space committed to teenagers, we hope to receive back the same loyalty we have provided, expanding further across Europe and into the UK, and achieving 300,000 sign ups by next year.”
To find out more about PPS visit: https://www.pps.edenred.com/
To find out more about Vybe visit: https://vybecard.com/