VirtualPiggy
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VirtualPiggy Description

See how easy it is to setup a secure online spending profile for your child allowing them to learn about responsible spending while, giving you full control.Parents - Teach your children about responsible spending while keeping your own financial information secure.Kids - Kids can now have a secure, permission based way to transact online.Merchants - You can now feel secure in opening up your products and services to children while working within the boundaries and spending parameters defined by their parents.Children today are growing up in a world where they have never not known the Internet. They expect to be able to play games, get information, interact with friends, and buy things online – much in the same way that their parents may have spent pocket money at the Mall or vending machine at the local pizza shop. But the cash-based structure that adults think of with pocket money does not work in an online world, and our children no longer want to buy items solely from the Mall.Children under 18 are playing and interacting on the Internet and they often want the capability to make purchases online. In 2009 an estimated $26 Billion was spent online by this age group. This presents an opportunity for a well-organized introduction to money management for children. To date, the tools have not been easily available to educate, control and manage the use of credit cards by children online. Often it has lead to children using their parent’s credit cards for purchases that have not been approved by the parent. With access to a parent’s credit card, a lot of attractive things to purchase, and little knowledge of financial consequences, children can quickly run up a considerable amount of unauthorized charges. It is estimated that approximately 20% of all online charges made by children are done so without their parent’s knowledge or consent.Virtual Piggy was developed to provide a tool to address these issues and is designed to provide a secure mechanism by which children can make purchases online in a manner that is approved, controlled and monitored by their parents. The parental control mechanism of Virtual Piggy allows merchants, who supply merchandise to children on the internet using Virtual Piggy, to do so in a COPPA compliant manner. COPPA is the Children's Online Privacy Protection Act, a US federal law enforced by the Federal Trade Commission (FTC). It is designed to protect the privacy of children under the age of 13 on the Internet by limiting the amount and type of information websites can collect from children under the age of 13 without first obtaining parental consent.

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