PPS to power the launch of German neobank pockid
By Megha Bhattacharya
PPS, formerly PrePay Solutions, today announced that it has been selected as a partner to German neobank pockid. pockid’s service aims to provide young people (15-24-year-olds) with a 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.
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And for those who are banked, they are inexperienced in what financial services can offer and are pre-dominantly using outdated services that may even lack the ability to make online payments.
The German neobank is expected to be launched in April 2021 and will leverage PPS to roll out its services across other European markets. PPS will support pockid with 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.
“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.”
IBSi Prime News
November 26, 2021
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