pockid, a German neobank for Gen Z, signs up with PPS
PPS, formerly PrePay Solutions and an Edenred company, today announces that it has been selected to be the partner to pockid, the first German Neobank for Generation Z (15–24-year-olds).
The service provides young people with a new way to handle their money through an easy-to-use iOS and Android application, with a Mastercard® debit card for spending both online and offline.
pockid is set to launch in April 2021 in Germany, and with the help of PPS will be rolled out into other European markets in the coming years. PPS will support pockid with several key functions, including its e-money licensing with passporting capability into Germany and other EEA (European Economic Area) countries, the ability to make and process payments including card transactions and p2p, support for Google Pay and Apple Pay, and the option for saving wallets, all with an associated Mastercard® debit card.
pockid required a scalable solution that could easily be adapted into multiple languages and adjusted in line with local regulations, as well as implemented with alternative payment methods which are a great form of secured and contactless payments - especially welcomed during the Covid-19 crisis. It is for this reason that pockid chose to partner with PPS as it met all these requirements while maintaining a high standard for its technology.
In Germany, a majority of generation Z have a monthly income, but lack the ability to spend it online. It is this issue that drove pockid to develop its app for the younger generation, supplying them with an avenue for spending their high rate of disposable income.
Parents and legal guardians of pockid’s users will be given greater visibility to monitor their children’s spending habits and ensure the security of their children’s finances through a web application exclusive to them. The service also comes with a pocket money assistance feature giving parents the ability to transfer money directly into their children’s accounts through direct debit.
Jes Hennig, Co-Founder & CEO, pockid, commented: “At pockid, our goal is to create an experience that meets the daily needs of Generation Z. Our research earlier this year with Mastercard highlighted that a third of German sixteen- to eighteen-year-olds are not equipped and heavily dependent on their parents when it comes to access to financial services. And for those who are banked, they are inexperienced in what financial services can offer and are pre-dominantly using outdated services that may even lack the ability to make online payments.
“With so many young people in Germany receiving a monthly income, we need to provide a service to help them manage their money and spend responsibly. We’re impressed with the PPS team so far, who have an innovative mindset and have enabled us to provide the products we need for our customers to meet our short-term and long-term expansion plans.”
Ray Brash, CEO of PPS, added: “We’re extremely proud to power a real first for the German market in the form of pockid. Educating the younger generations on financial services is a global issue and while the culture around money management in Germany makes the country a perfect launchpad for pockid, the benefits its services bring will support teenagers and young adults the world over. Following its successful launch, we will be placing our full attention on helping to scale pockid in other European countries, with a goal to go global.”
pockid includes both a virtual and physical card, with options for the latter including a standard plastic card or an environmentally friendly wooden card, courtesy of exceet Card Group, an expert in the creation of environment-friendly payments cards. The Austrian-based card manufacturer offers its customers sustainable products along the entire value chain.