Virtual Piggy, Inc. (OTCQB: VPIG), provider of the award-winning payment technology Oink, today 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 mobile peer-to-peer market is expected to reach $86Bn in the US as it solves a real pain point for consumers,” said Dr. Jo Webber, CEO and founder of Oink. “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.
Oink empowers millennials and generation Z to make their own purchasing, saving and other money management decisions, within set boundaries. The award-winning technology serves as a digital wallet and card that allows for safe, secure and legal transactions.