Virtual Piggy Inc. announced on 5th December 2013, that the company has changed the name of their youth payments service to “Oink”. “Our Oink rebrand signals our teen focus on their mobile lifestyle with in-store payment options coming in 2014. Moreover, it’s critical to reach teenagers when you’re trying to impact financial literacy,” said the company.
Oink is an award-winning technology that enables teens to manage – with parental supervision – their allowances online, shop safely, and track budgets, thereby providing a “real world” experience to enhance their financial management skills. Oink is available online or via mobile, and is 100% free to use. Oink will continue to employ Virtual Piggy’s award-winning privacy protection protocols, compliant with the Children’s Online Privacy Protection Act (“COPPA”).
Virtual Piggy acquired the domain name oink.com from successful entrepreneur and founder of DIGG Kevin Rose, who had previously used the name as an app for business-evaluation services.
“Oink is a more appealing brand for teens, and a logical extension of the Virtual Piggy concept while retaining the brand heritage of the Piggy,” said Dr. Jo Webber, CEO and Founder of Oink and Virtual Piggy. “Our Oink rebrand signals our teen focus on their mobile lifestyle with in-store payment options coming in 2014. Moreover, it’s critical to reach teenagers when you’re trying to impact financial literacy.”
"I'm very proud to be part of a company that has created an innovative solution to address the significant national problem of financial literacy for youth,” said John Paul DeJoria of John Paul Mitchell Systems. “Oink gives teens greater ownership and control of their finances and guides online shopping, making sure that they can only make age-appropriate purchases. We are proud to be one of the first companies in this space of youth financial management. This will change how parents teach their children financial management. All families need this and it’s free to use.”
The publicly-listed company name, Virtual Piggy, Inc., will continue and the service will be known to consumers by the new brand name, “Oink.” In addition to its Board of Directors, Virtual Piggy has a Board of Advisors that includes Mr. DeJoria, as well as Emmy-winning actress Sela Ward, and entrepreneur Stedman Graham.
- Based on Company's PR Release.