Virtual Piggy is Launching a Family-Focused Mobile Banking Solution
Laura McQuarrie — February 17, 2017 — Tech
References: virtualpiggy & nfcworld
Virtual Piggy describes itself as a "family-focused mobile banking solution" that is designed to teach children money management skills that will last them a lifetime.
The P2P payment service is currently undergoing Beta tests, and ultimately, the platform is set to "[offer] the ability for children to learn how to use the payment tools of the digital economy," within the limits that the built-in parental controls allow. The mobile payment platform for children is set to teach a new generation about responsibly managing their money from a young age—which is one of the most valuable skills to have throughout one's adult life.
Teaching financial literacy to children is a project that many banks and payment services are taking on in the hopes of educating and empowering the next generation.
The P2P payment service is currently undergoing Beta tests, and ultimately, the platform is set to "[offer] the ability for children to learn how to use the payment tools of the digital economy," within the limits that the built-in parental controls allow. The mobile payment platform for children is set to teach a new generation about responsibly managing their money from a young age—which is one of the most valuable skills to have throughout one's adult life.
Teaching financial literacy to children is a project that many banks and payment services are taking on in the hopes of educating and empowering the next generation.
Trend Themes
1. Family-focused Mobile Banking - Opportunity for disruptive innovation in developing digital banking platforms with parental controls for teaching financial literacy to children.
2. P2P Payment for Children - Opportunity for disruptive innovation in designing digital P2P payment services specifically for children, with an emphasis on money management skills.
3. Financial Literacy for the Next Generation - Opportunity for disruptive innovation in developing educational programs and partnerships that teach money management skills to children and young adults.
Industry Implications
1. Banking - Opportunity for disruptive innovation in developing digital banking platforms with parental controls designed to teach children money management skills.
2. Payment Services - Opportunity for disruptive innovation in designing P2P payment services specifically for children, and incorporating parental controls to foster financial literacy.
3. Education - Opportunity for disruptive innovation in developing educational programs and partnerships that teach money management skills to children and young adults, and partnering with financial institutions to support financial literacy.
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