2024-01-31 07:35:00
Paybox (photo by Paybox PR, unsplash) Paybox’s new service will allow the app’s users to divide their money into sub-accounts according to different expenditure items, manage them closely, save them for different purposes and receive interest on them. In the coming months, the service will also be expanded to the ability to manage a kind of joint accounts together with friends.
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The new service, called “Boxes”, is an alternative to managing money in one large bank balance. The service allows you to manage the money in sub-accounts according to the purpose of the money – an account for food and shopping, an account for paying bills (property tax, electricity, water), an account for classes, an account for insurances, an account for leisure, a savings account for a vacation, a savings account for a test, or for any other purpose.
You can open the Box with a click in the app, set a goal for it, load money into it and pay from it anywhere, at cash registers or online. The money to be paid will be deducted directly from the selected box. The money in the boxes accrues interest of 3% (per year) even though it is completely liquid and despite the reduction of interest rates in the economy at the beginning of the month, following which the banks rushed to reduce the interest they pay their customers on deposits.
The service will be available to paybox credit card holders, which are used to load money and pay from the boxes. The card is digital (not a plastic card), free (no card fees for life) and can be issued in minutes directly from the app.
Eric Frishman, CEO of PayBox, said: “PayBox’s boxes respond to the public’s need to manage their money according to goals and objectives – a need that is not being met by banks and is especially important in this period, in light of the economic challenges the economy is facing. The boxes are a convenient and free solution that will allow the public to conduct themselves wisely and responsibly with their money, better control their expenses and accumulate fair interest in the process.”
The company intends to expand the service in the coming months also to “shared boxes”, in which customers will be able to manage money together with friends and family in a sort of “joint account”, where all partners will have access to the money and everyone will be able to use it in a way that is transparent to everyone, without the hassle and awkwardness involved When opening a joint bank account.
The service, which is a development of the group activity of Paybox, is intended to be used by roommates (who can use it to pay property tax bills, electricity, water and other shared expenses), parents in joint parenting (who can use it to pay the shared expenses for the children), young couples (who will not have to open an account shared in the bank), friends who travel abroad together (who can use it to pay the joint expenses during the trip) and more.
The new service is added to another product that the company recently launched – “Balance Loan”. The loan, which is offered to customers of all banks, in an amount of up to NIS 20,000 for up to 7 years, is transferred directly to the user’s Paybox balance instead of to the bank account.
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