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Virtual Piggy to begin beta tests of mobile payment platform for under-17s

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By Finextra

Virtual Piggy, Inc. (VPIG) is working with Univest Bank & Trust Company to provide the payment rails for its child focused payment application and services to accommodate the company’s unique and novel mobile payment platform. 

The payment system will empower the 80+ million children 17 and under who influence over $830 Billion in annual spending to become direct buyers with full regulatory and parental controls built in. Parents will now have the ability to monitor their child’s spending while teaching valuable lifelong lessons in financial literacy.

John Coyne CEO of Virtual Piggy states that, “This is a significant step for the company as we are planning our beta testing set for April of this year and it is important for us to have the kind of account services that Univest are providing to ensure maximum efficiency and success. Virtual Piggy offers the ability for children to learn how to use the payment tools of the digital economy. Our technology will prepare a new generation for responsible financial management that will last into adulthood.”

Virtual Piggy is finalizing the architecture in preparation for beta testing of its OINK platform. Virtual Piggy’s tech team and its User Experience (UX) partner Red Interactive Agency of Santa Monica, California have agreed on the scope of the first stage of the beta system test product, so that it is ready for pilot trials with targeted users in the 8 to 14-year-old age range.

John Coyne further states that, “Our focus groups have seen our early prototypes and are eager to work with the beta test product. These groups have further ratified our monetization strategy. We are excited to finally reveal our payment platform system through mobile application; where the modern child lives and resides.”

First appeared by Finextra

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