Friday, January 17th, 2020
Generation Z, also known as “Centennials”, is a demographic born after 1997. What sets them apart from previous generations is that they embody diversity, “always present technology”, social media, and 24-7 news and information cycles. Despite being raised during the Information Age, Centennials are fearful for their future. Growing up during The Great Recession, their hope for a secure financial future seems to grow dimmer by the day.
Because they are considered “mobile-first” or “mobile-centric” and “digital intuitive”, they need to be reached and communicated within their digital world. Therefore, it is only natural that cryptocurrencies could catch their attention and fintech companies are turning their focus to this potential market.
As a result, a new crypto debit card has been released to benefit the financial needs of young Europeans. A crypto platform called Bitsa issued a debit card called, Bitsa Young, that can be loaded with bitcoin cash (BCH) and up to six other cryptocurrencies, including: BTC, LTC, XRP, DASH, XLM, and ZEC. What sets Bitsa Young apart from any other Visa debit card is that it is not linked to a traditional bank account. It can actually be ordered and loaded from a mobile app.
Bitsa SARL, a Monaco-based company developed and launched this product. The cards are issued under license from VISA by Pecunia Cards (E.D.E) or (Pecunpay), which is an electronic money institution authorized by the Spanish Ministry of Economy and Finance. It is supervised by the Bank of Spain according to all applicable EU regulations.
Bitsa Young targets consumers aged 14 to 17 who live in any of the Single Euro Payments Area (SEPA) countries. Users have the option to make SEPA transfers to any Iban, send funds between Bitsa accounts, and even withdraw cash from ATMs. Other than cryptocurrencies, the card can be topped up using regular bank cards, other Bitsa cards, or redeemable vouchers that can be purchased with cash at online and physical stores such as Fnac and Carrefour.
To get a Bitsa Young card, teens need to simply download and install the mobile app that is available for iOS and Android devices. Then they need to create an account so they can order the card from the application. Users under the age of 18 have the option of choosing between a free virtual card or a physical card that is €19.50. Although there are no maintenance or recharge fees, there are other fees that apply to certain types of transactions. For example, purchases made outside of the Eurozone are charged a 1.5% commission.
Young users need to request authorization from a parent or legal guardian, from the app, in order to verify their identity. The child must also provide an identifying document such as an ID, passport, or residence permit. Parents also must register. As soon as they receive the invitation from their child, the parent has to download the mobile app, create a Bitsa account, and request a regular Bitsa card for themselves. Finally, they will need to accept their child’s request to approve his/her account. Parents need to upload an identification document as well.
Once young people get their parent’s approval, they will become fully-fledged “Bitzers”, which will enable them to take full responsibility for their finances. Whether cryptocurrencies will become the digital asset of choice for Generation Z is yet to be seen.