Jaab: a Contactless Purse for Kids

FACTS

  • La Poste will be launching their connected purse for young customers this spring.
  • Goal: This payment tool called Jaab was designed by La Poste’s innovation lab Yellow Innovations to help parents teach their kids how to handle their budget.
  • Jaab is no larger than a payment card and meant to let kids pay contactless for small day-to-day purchases. This connected device is fully customisable using removable cases.
  • Through the associated app, parents may:
    • Top-up the prepaid account
    • Check the remaining balance (a €30 limit applies)
    • Be sent notifications for each payment (time, place, amount)
    • Instantly block all transactions if the item is lost
  • Jaab costs €19.90. The first 3 months are free, then a €2/month subscription fee is charged.

CHALLENGES

  • Placing bets on securing customers’ loyalty. La Poste crafted this offer for kids as most of their customers have pre-teenagers.
  • Upholding educational goals for pre-teens while helping parents manage their account. The group also plans to add a mobile app for kids so they can track their expenses, too. This service could see the day by the end of this year.
  • With this launch, La Poste further stresses their commitment to boosting innovative services and become a leading provider of proximity services.

MARKET PERSPECTIVE

  • Meanwhile, and still with financial education in mind, La poste is also working on a connected piggy bank (called Monimalz) enabling kids under 4 to learn how to manage their savings with help from their parents.
  • Likewise, other groups are aiming for pre-teens. Boursorama, for instance, built an offer for young customers by way of renewing their customer base. Macif also praised financial education when they launched a low-cost, multi-currency prepaid card for kids.

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