Today five-six years old kids are playing games online, seven and older are sending sms, and want to begin making purchases online.
They are growing up in a world where the Internet has always existed and navigation of it is second nature to them.
But about 20% of all children and teenagers using their parent’s credit cards without supervision or permission.
It causes major problems for parents and for online merchants who do not yet have adequate age verification methods.
That’s why… Philadelphia company Moggle Inc. has launched Virtual Piggy, a service that allows parents go in and pre-approve spending amounts and websites for their children
Parents can establish the sites on which the child can spend funds, set up an account, link it to a credit card and how much the child can spend in a single transaction.
The parents are notified and can approve or not allow the transaction.
Virtual Piggy is the brainchild of Jo Webber, who chairs Moggle Inc., and Pradeep Ittycheria. They got the idea for Virtual Piggy from their own experiences as parents.
This; however, is just the first step for adapting e-commerce for kids: two other platforms by the close of 2012 that will give parents and merchants greater insight into identifying what purchases are being made and where that’s happening.
Virtual Piggy gets its name because it functions as a kind of online piggy bank into which parents can deposit money for their children to spend.