The upgrades balance greater functionality for younger millennials and generation Z on the one hand, with increased transparency for parents and regulators on the other. Dr. Jo Webber, CEO and founder of Oink (formerly Virtual Piggy), acknowledged that specific challenge. “By adhering to U.S. COPPA laws we are delivering the appropriate controls and safeguards to allow Oink money-transfers to be used by all members of the family,” she said.
Oink 2.0 is available for download from the Apple Store. The app is optimized for iPhone 5 and requires iOS 7.0 or later.
The app was introduced in early June. It features a new P2P capability that allowed family to deposit funds into an Oink account that could be used to fund a parent-supervised Oink card. The new notifications engine will give parents “complete visibility” into who is funding their children’s accounts, as well as the ability to manage individual funders, and to freeze spending from the account.
This past spring, the app was featured in USA Today’s list of “5 financial musts for college grads.” Oink was founded in February 2008, and is headquartered in Hermosa Beach, California. The company demonstrated its mobile app at FinovateSpring 2013 in San Francisco, having won Best of Show honors at FinovateEurope 2013 in London earlier in the year.