This New Finance App Facilitates Peer-to-Peer Money Transfers
Katherine Pendrill — August 5, 2015 — Tech
References: itunes.apple & finextra
Technology firm Virtual Piggy has released a new version of its Oink app that is intended to help young consumers learn how to manage their money. The app is largely targeted at Millenials and Generation Z consumers who have a limited income or are still being supported by their parents. This mobile platform is designed to empower young consumers to make their own spending decisions, but within certain parental boundaries.
The new Oink app facilitates safe and secure peer-to-peer money transfers between family members. The platform thus acts as a digital wallet for children who are still being funded by their parents. This app provides a level of transparency for parents, giving them the power to control of their child's spending. The idea is to help young consumers learn how to make their own purchasing, saving and money management decisions, but only under the guise of parental supervision.
The unique finance app ultimately provides a high-tech tool for parents who want to teach their teens important lessons about spending and saving.
The new Oink app facilitates safe and secure peer-to-peer money transfers between family members. The platform thus acts as a digital wallet for children who are still being funded by their parents. This app provides a level of transparency for parents, giving them the power to control of their child's spending. The idea is to help young consumers learn how to make their own purchasing, saving and money management decisions, but only under the guise of parental supervision.
The unique finance app ultimately provides a high-tech tool for parents who want to teach their teens important lessons about spending and saving.
Trend Themes
1. Parent-controlled Finance - The concept of parent-controlled finance is on the rise as technology firms create mobile platforms to help parents teach their children about financial responsibility.
2. Peer-to-peer Money Transfers - As consumers become more comfortable with mobile banking, peer-to-peer money transfers facilitated by banking apps like Oink will enable consumers to transact securely and directly with each other without traditional intermediaries like banks.
3. Financial Literacy Apps - There is a growing need for financial literacy apps that teach consumers, especially young ones, about basic financial concepts like saving, budgeting and responsible spending.
Industry Implications
1. Banking - Banks will need to adapt to changing consumer preferences and expectations for more mobile and peer-to-peer banking in order to remain competitive and relevant.
2. Fintech - Fintech companies are disrupting the traditional banking industry by developing innovative mobile banking apps and platforms that offer customers more control over their money and financial assets.
3. Education - As financial literacy becomes increasingly important for consumers of all ages, educators and edtech companies have an opportunity to provide financial education and resources to help people make responsible financial decisions throughout their lives.
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