Virtual Piggy, provider of the payment technology Oink, announced the release of its new and improved app, which will include peer-to-peer functionality allowing teens to receive deposits to their accounts for work or gifts from family and friends.
The Company says the mobile peer-to-peer market is expected to reach $86Bn in the US as it solves a real pain point for consumers. The 11 to 21 year-old audience needed a more modern banking solution, with real-time access and control, and we have delivered it.
The Oink app allows consumers to manage their mobile wallet and acts as a standalone mobile account. From their mobile account, users have the option to auto-load an Oink card or manually load as needed.
Parents and guardians can set up a weekly allowance that is automatically deposited into their teen’s mobile account. The new peer-to-peer capability allows for deposits that can be utilized as payments for tasks such as babysitting or lawn work in addition to gifts from family and friends for any occasion.
For the first time, teenagers have full and immediate visibility of their finances, helping them learn financial management in real time. The Oink app syncs with the Oink card offering broad spending use at over 7 million locations within the US, all while under parental control.
Virtual Piggy is the provider of Oink, a secure online and in-store teen wallet. Oink enables teens to manage and spend money within parental controls while gaining valuable financial management skills. The technology company also delivers payment platforms designed for the under 21 age group in the global market and enables online businesses the ability to function in a manner consistent with the Children’s Online Privacy Protection Act (COPPA) and similar international children’s privacy laws.
For data, background and forecasts on Virtual Piggy: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).