Oink Teen Wallet adds Discover Companion Card (Nov. 24, 2014)
Virtual Piggy Inc. has unveiled a new prepaid card targeted for use by teens, who can use the card to shop at brick-and-mortar stores within limits set and managed by their parents. The Oink Discover prepaid card is a physical extension of the company’s Oink digital wallet and is linked to teens’ Oink online financial management accounts. Powered by Marqeta, the card can be used to make purchases at more than 25 million merchant locations. Teens and parents can load the card via mobile app or online, while parents can track and manage all transactions, check card balances and set parameters on spending by type. Cardholders also have access to exclusive deals from teen-centric merchants.
“The Oink Card is the perfect complement to our digital product, giving teens a way to have more flexibility to use their personal account to shop in the real world, but still within parental limits and a secure environment where their personal information is protected,” said Dr. Jo Webber, CEO, Oink.
During a panel at last month’s PayThink conference, Discover’s Amit Parikh, head of prepaid, told attendees that while prepaid cards with controls to limit spending aren’t new, Oink introduces detailed and specific options for parents to tighten or loosen controls on their kids’ spending, including by merchandise category. “This is a card with way more controls than other prepaid products,” Parikh said.
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