Founded by group of parents just months ago, Pixpay will offer children between the ages of 10 and 18 a mobile bank account, contactless payment card and the option to use Apple Pay and Google Pay.

Slated to launch in France for the new school year, the service will cost EUR2.99 a month.

An app will help with spending and saving management, providing real-time purchase notifications and analysis of where money goes, along with offers on popular brands.

Meanwhile, parents will be able to set spending limits, block purchases from some providers, and offer financial incentives for carrying out tasks such as household chores.