How they describe themselves: Virtual Piggy, Inc. is a technology company delivering solutions for the interaction of the under 18 demographic on the internet, with a focus on security and parental control. Virtual Piggy™ is designed to provide a secure mechanism, so youth can initiate purchases online that are parent approved, controlled and monitored. Such pre-approved transactions help merchants to reduce friction in the online purchasing process and also to comply with COPPA* regulations. COPPA is a U.S. federal law enforced by the Federal Trade Commission (FTC).
How they describe their product/innovation: Virtual Piggy allows youth to purchase directly from merchants with a process that is safe, fully COPPA compliant, PCI compliant, and controlled by their parents. The parent provides all personal information from the billing account, including credit card numbers and home shipping address. This then allows a child to make a purchase on an integrated merchant site by logging into their account at the shopping cart. If the parent has allowed sufficient funds, and the merchant has been approved, then the transaction is completed.