How they describe themselves: Virtual Piggy provides a unique solution to the Under 18 market. With over a billion U18s worldwide shopping online at an earlier age and becoming more proficient than any previous generation with internet-enabled devices such as tablets and smartphones, Virtual Piggy noticed that there was no easy mechanism for this group to make online purchases. All existing methods for this group involved a lot of friction and often resulted in undesirable outcomes such as fraud. Virtual Piggy’s technology allows merchants to sell to U18s in a COPPA compliant, parent-approved manner, thereby unlocking an estimated $50B+ in annual spending power.
How they describe their product/innovation: Virtual Piggy is the first e-commerce solution that enables kids to manage and spend money within a parent-controlled environment. The technology delivers online security platforms designed for the Under 18 age group in the global online market, and also 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. Virtual Piggy enables the U18 audience to play, transact and socialize in a secure online environment guided by parental permission, oversight and control.