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.
Familial Payment Services
Virtual Piggy is Launching a Family-Focused Mobile Banking Solution
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.