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Oink Launches New App with Peer to Peer Functionality

Oink_homepage_June2015

For fans of “virtual piggy bank” Oink, your award-winning app just got a little bit better.

Virtual Piggy, makers of Oink, have just launched version 2.0, which features a P2P capability that allows family and friends to deposit funds in an Oink account. The Oink account can then be used to automatically or manually load the Oink card, providing a parent or guardian-supervised mobile-payment and/or mobile-gift system for Virtual Piggy’s 11- to 21-year-old consumers.

Dr. Jo Webber, CEO and founder of Oink, cited “real-time access and control” as key to the kind of banking solutions that appeal to teens. Oink is wagering that it will also appeal to parents, as the technology makes it easier for teenagers to see and understand their own spending and savings patterns before they become potentially bad habits.

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Writing in PaymentsSource last month, Webber made the case for relying on mobile technologies when it came to helping young people learn about personal finance. “For the most mobile generation to date,” she wrote, “it makes much more sense to use payment technologies reliant on mobile devices to spend and manage funds. Considering Generation Z has more spending power than any previous generation, their spending priorities are bound to guide the industry.”

The new Oink app is currently available on iOS. More than 1.3 million consumers are using the technology, which can be used to make online and in-store payments anywhere Discover card is accepted.

A four-time Finovate alum, Virtual Piggy won Best of Show honors at FinovateEurope 2013. The company, founded in February 2008, is headquartered in Hermosa Beach, California.