Pixpay Review: Best Bank Card For Teenagers!
Pixpay is an online bank that targets teenagers, offering a simple and practical service for children and reassuring parents. The teenager will be able to manage his money from the application and pay using their bank card, while parents will keep an eye on expenses via the parental application.
Available from 10 years old, for a rather attractive price, what is this unique neobank really worth? I give you my opinion on Pixbay, its features, and the solutions offered.
Pixpay Review: Who is Pixpay?
PixPay is a French start-up founded very recently in 2019. It has been gaining in popularity thanks to a very solid network of partners, including Mastercard and Société Générale. It is an online bank, governed by the usual security and therefore just as reliable as any conventional banking establishment.
It is an online bank, 100% digital, which therefore has no counter, and which is aimed at an audience hitherto neglected by banking establishments in general: teenagers!
The leaders of PixPay found that only 15% of under-18s had a bank card, so they sought to offer an innovative service that meets both the needs of teenagers and the fears of parents.
Pixpay Review: Pixpay's Goal
Your children have a little pocket money every month, and they also have a few tickets for Christmas or for their birthday. This money is very often received in cash, which is less than ideal in terms of security, and parents have no way of controlling spending.
Of course, your banker can offer you a youth account, from the age of 12, but this is not always practical for teenagers or parents.
Pixbay, therefore, offers a different service, with a rather well thought-out application system, to facilitate management by the child, while offering the possibility for parents to supervise expenses.
Pixpay Review: Services
PixPay does not offer a prepaid card like Paysafecard, but a real Mastercard bank card. A child can obtain it from the age of 10, with the approval of his parents. It will allow its owner to withdraw, buy from a merchant or pay online.
It is linked to a real account, but there is no possibility to cash a check and no overdraft is accepted.
For Christmas, it is therefore the parents who will collect granny's envelope, then they will top up with their bank card, from the parental application. If your teenager finds a small job or earns money online, then he can receive a transfer using the RIB provided.
To simplify the process, it is obviously possible to schedule regular account top-ups, for example, €20 per week or €100 per month. You decide the amount and the loading date.
Two mirror apps – Child/Parent
Teen's app
As with most online banks, the teenager will have access to their account from a smartphone application. He discovers his balance and past expenses, and everything is updated in real-time. A notification is always sent to his application when he makes a payment (online or in a physical store).
He will also be able to create pots, in order to save for his projects. For example, at the beginning of each month, he can place €5 in a “Video Games” kitty. Thus, he does not waste all of a sudden to pay for his game, he saves and he learns to manage his money.
It should also be noted that PixPay is a partner of many online merchants, and thus offers a Cashback system. If the teenager places an order on a partner site, then he gets back some money. It's another way to save money and consume more intelligently.
The parent app
Parents have a slightly more complete application, but still very clear and simple to use. They are also notified in real-time of each expense. It is from the application that they make the payments, scheduled or punctual. Several features are also available to keep control over their teen's expenses:
- Block or unblock bank card
- Manage payment or withdrawal limits
- Prohibit online payments or withdrawals, contactless payment...
- Block specific merchants
- Categorize expenses
Both apps are really cool, intuitive, and fun to use. They are FaceID / TouchID compatible and parents can control multiple accounts for all their children from the same application.
Open a PixBay account in minutes.
As with almost all online banks, registering and creating an account takes no more than 5 minutes. We simply fill out a questionnaire, with the name of the child and the parent, address, telephone number, etc.
Then, you have to send some documents from the application (photo ID, proof of address) for the account to be validated and the card sent.
Generally, we receive the Mastercard within 5 to 9 days. It's simple and pretty quick.
Parents do not need to change banks or open an account in their name, they use their usual credit card to top up their child's account.
A very attractive price.
Our opinion of PixPay improves, even more, when we discover the total transparency of the prices and the few miscellaneous costs. You have to pay a usage cost of for the account of €2.99 and the Mastercard is sent free of charge.
All payments and withdrawals are free in the eurozone, there is no overdraft possible, and kitties cost nothing, in short, using the account never costs more than the price indicated at the start, i.e. €2.99. There are also no fees for card top-ups.
Outside the Eurozone, PixPay takes 2% of the amount for payments and €2 per withdrawal. Even if your child is going on a trip, it remains a rather interesting solution on an ad hoc basis.
Finally, in the event of loss or theft, you will have to pay for the replacement card up to €15. In short, it's clear, and precise, there will be no unpleasant surprises.
Strengths and weaknesses of PixPay
Strong points
- A tailor-made offer for the youngest.
- Nice jackpots to set up, with the possibility of interest paid by parents.
- A direct cashback system with partner sites.
- No hidden fees
- A very competitive rate for account management
- A simple application for the child, and rather complete for the parents
Weak points
- No possibility of setting up direct debits (to pay for a subscription, for example)
- No possibility to make transfers from this PixPay account
PixPay Review: The Verdict!
There are not a lot of offers for the youngest and therefore PixPay comes at the right time. The proposed solution is really of good quality, thanks to two mirror applications (child/parent), simple, complete, and practical to use.
There are many features for teens, who will be able to learn how to manage their money, save, pay online, withdraw, make cashback, etc.
The app for parents is also very complete, you can really manage expenses as you wish, by modifying the ceilings or by blocking a working site.
It is an excellent tool to give our children a little more autonomy and allow them to make choices. They will learn to spend less during the month, in order to save for a video game or a new pair of shoes.
The price is very competitive, there are no hidden costs, it is a particularly interesting and really welcome offer, which will appeal to many parents.
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