Plugged

Is this the new face of Generation Z banking?

Forget fancy apps and metal cards. A new breed of "messenger banks" are breaking onto the scene.

Forget fancy apps and metal cards. A new breed of "messenger banks" are breaking onto the scene.

We’ve seen challenger banks for teens; we’ve seen pocket money apps for tweens; and now, Europe’s youngsters are getting a “messenger bank” — an encrypted chatbot that manages users’ finances and sends money via Facebook, WhatsApp, Telegram and Viber.
The fintech behind the venture is called Zelf and is on the cusp of launching, having signed up 350,000 users to its waiting list across France and Spain since April.
Unlike its fellow neobanks, Zelf has no app and no physical card. It also has no “offboarding” — meaning users can’t withdraw funds once inside. Instead, users will be able to transfer money to other ‘Zelfers’
It takes seconds — literally — to open an account. After clicking on a launch link, a new conversation with Zelf pop opens on WhatsApp or Facebook and promptly issues users their own IBAN account number and virtual card, which they can transfer money to and ‘top up’.