Picard Pay, a new prepaid card dedicated to young people

A new payment card has just appeared on the French market. Its particularity lies in the identity of its creator: the distribution group specialising in frozen foods, Picard. But in essence, this digital prepaid card also defends real commitments. It is aimed particularly at young people and their families, to support consumption by this particularly vulnerable segment of the population.

FACTS

• Picard Pay is a 100% digital prepaid payment card. It is associated with a rechargeable account and allows purchases to be made on the Picard.fr website or in one of the chain's shops in mainland France.

• The account attached to Picard Pay can be opened in just a few clicks on the dedicated site put online by Picard. All you have to do is credit a card for a fixed amount of between 20 and 250 euros and then receive usage codes by email.

• The principle of the card is clear: Picard invites subscribers to share these user codes with a close beneficiary, particularly young students. A simple email transfer allows the sharing of Picard Pay codes.

• The Picard Pay online account can then be used to track the expenses made with the digital card, to top up the balance and to check the card's expiry date.

CHALLENGES

• Organising family support: Picard Pay is primarily intended for the families of students and younger secondary school pupils who no longer go to the canteen. Families are invited to subscribe to the Picard Pay offer to equip their children and help them by recharging their card so that they are then able to buy their food from Picard.

• Payment and loyalty: With its own payment card, Picard motivates purchases within its chain by offering a convenient alternative to bank transfers and other money transfers.

• Attracting new customers: Picard also relies on its new affinity system to rejuvenate its clientele by attracting the consumers of tomorrow to its shops and website. This is a major challenge given that the current average age of Picard's customers is 50.

MARKET PERSPECTIVE

• According to the Conseil d'analyse économique, the Covid-19 pandemic and its consequences on the French economy have weighed twice as heavily on the income of French people aged 20 to 25 than on that of the rest of the population. And the current inflation is not likely to make things any better, as the crises are playing an aggravating role in the growth of inequalities.

• Faced with the increase in precariousness among students, particularly due to the cancellation of certain student jobs, various initiatives have been deployed to try to support their purchasing power. In addition to Picard Pay, Moneybounce was organising student financing by individuals in May 2021.