Israeli fintech company introduces tailored tracks for different user segments, including interest-bearing accounts and family financial tools
PayBox, the Israeli digital payment platform, announced Wednesday the launch of a new three-tiered service model designed to cater to different customer segments, marking a significant evolution from its original money transfer focus to a comprehensive digital wallet solution.
The company is introducing PayBox Basic, PayBox Plus, and PayBox Plus Young – three distinct tracks tailored to accommodate varying usage patterns and financial needs of its customer base.
From basic to advanced: three tracks for different users
The PayBox Basic track, available free of charge, targets users who primarily need simple money transfer and collection services. Users on this tier can transfer up to NIS 1,000 from a credit card and NIS 10,000 from their balance monthly, receive up to NIS 50,000 annually without fees, and maintain balances of up to NIS 20,000. All new PayBox users are automatically enrolled in this track upon registration.
The PayBox Plus track, also free, is designed for more active users who hold a PayBox credit card (offered free for life). This tier significantly expands capabilities, allowing transfers of up to NIS 10,000 monthly, receiving up to NIS 100,000 annually, and maintaining the same balance limits as Basic. Notably, Plus members earn between 2.5% and 5% interest on their account balances, can open personal and joint accounts, pay anywhere with their balance, benefit from a 1% foreign currency conversion fee, and receive VIP customer service. Hundreds of thousands of existing PayBox cardholders will be automatically upgraded to this tier.
The PayBox Plus Young track combines all Plus benefits with a digital wallet for children and teenagers aged 8 to 18. This family-oriented option enables young users to make payments, receive and transfer money, track expenses, and open savings accounts while accumulating interest – all under full parental supervision and control. The service costs NIS 4.90 per month for the first and second child, with the third child and beyond free of charge (or NIS 7.90 for a physical card).
Strategic evolution and business model
“In recent years we have launched a wide range of new capabilities, beyond transferring and collecting money,” said Arik Frishman, CEO of PayBox. “In the current move we are essentially packaging these capabilities into three tracks, which are tailored to the usage habits and needs of the main audiences in PayBox.”
Frishman explained that the restructuring serves dual purposes: simplifying the customer experience while strengthening PayBox’s business model without imposing transaction fees. “The move to tracks is designed to enable PayBox to strengthen its business model without charging fees, by focusing resources and value propositions on active customers, who are interested in and make more extensive use of the service,” he added.
PayBox was founded in 2014 and is owned by Discount Bank. The application has more than 2 million active users and competes directly with Bit.
The changes reflect PayBox’s transformation from a simple peer-to-peer payment app into a comprehensive platform for personal, joint, and family financial management. The company is also planning to add the ability to load funds directly from bank accounts in the near future, further streamlining the user experience.