A new neobank has just arrived on the market, and it is aimed at teenagers. Vybe offers an app and a prepaid Mastercard for 13-17 year olds, as well as free services:
- The application, the debit card, with contactless function, and the maintenance of the account.
- Classic transfers (via IBAN) from / to another bank.
- Instant transfers between Vybe accounts.
- Access to contactless mobile payment.
- Payments online or in stores abroad.
- The first 3 withdrawals from an ATM, per year, then invoiced for 1 euro per withdrawal.
Opening an account for a minor must be validated by a parent or legal guardian. In addition, no overdraft is allowed. Each account has a French IBAN to facilitate money transfers. It is also possible to program periodic transfers in the app. And if the card is lost, the teen can easily block it in their app.
Parents are in control
Vybe has provided a feature in the app to allow the teenager to contact a parent to add money to their account or to confirm the addition of a beneficiary. In addition, parents can monitor transactions and movements made on their child’s account. They can also control the card’s settings: authorize or block certain spending areas, limit the number of withdrawals and expenses, authorize payments abroad, and view all transactions carried out.
A space to save
Vybe also wants to introduce young people to savings and has provided a dedicated space in its app. For example, it is possible to round the amount of an expenditure to the next higher euro, and to automatically transfer the difference to the savings account. A sponsorship program also allows the sponsor and the sponsored person to benefit from a bonus of 2 euros each time an account is opened.
Vybe’s business model is based on partnerships and a commission system with more than 4000 brands (including Asos, Burger King, Nike, Franprix, Deliveroo, UGC). For their part, the brands offer discounts and cashback to Vybe customers. Thus, each time the teenager pays for a purchase online or in a store via his payment card or his mobile with one of the partners of the neobank, he is reimbursed a percentage of the amount thereof.
The neobank will issue its very first cards in the Paris region (75, 92, 78, 94 and 91) and then gradually throughout France. It claims more than 900,000 registered users on its site, more than 270,000 downloads of its application, and more than 170,000 pre-orders of Vybe cards.
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