French mobile payment start-up Pixpay reportedly raised €3.1 million in its first major funding round, as it prepares to commercially launch its product aimed at providing basic banking services to under 18s.
Specialist publication EU Startups reported the company plans to launch in France at the beginning of the 2019-20 school year. Its app is set to be compatible with Apple Pay and Google Pay.
According to the company’s website, the service will allow mobile contactless payment using funds held in its mobile-app controlled account. It also plans to offer a physical MasterCard.
The Pixpay app will include a number of parental controls including the ability to block spending at specific retailers and impose spending caps. It is targeted at 10-18 year olds.
The start-up is not the first company to try and promote mobile payments to under 18s in France.
Orange and Wirecard operate a similar service under the Orange Cash Jeune brand, though the service is no longer taking new customers and is scheduled to close down alongside the adult version by the end of the year.
Despite the demise of the French brand, Orange confirmed it would continue to offer Spanish version Orange Cash Joven.