French Payment App Lydia Introduces Shared Accounts for Group Expenses
Lydia rolls out shared sub-accounts to simplify group spending, eliminating the need to track debts. Users can pool money and spend directly via virtual cards or mobile wallets.
French mobile payment startup Lydia introduces shared accounts to simplify group expenses like traveling with friends or sharing an apartment. Users now create multiple sub-accounts within the app and invite others to access them, which removes the need to track individual debts using third-party services like Splitwise.
Participants contribute directly to the shared pool by topping up the account through connected bank accounts, debit cards, or traditional bank transfers using a dedicated IBAN. Any member of the shared account then safely spends these pooled funds for common purchases, ensuring everyone pays their share upfront rather than chasing repayments later.
Spending from the shared account is seamless, as users generate virtual cards linked directly to Apple Pay, Google Pay, or Samsung Pay. Premium subscribers also assign transactions to the shared sub-account using their physical Lydia cards, making it easy to buy group groceries or pay shared utility bills directly from the pooled money.