QualityStocks would like to highlight Virtual Piggy, Inc.(OTCBB: VPIG), the first e-commerce solution that enables kids to manage and spend money within a parent-controlled environment. The technology company delivers online security platforms designed for the Under 18 age group in the global online market, and also enables online businesses the ability to function in a manner consistent with the Children’s Online Privacy Protection Act (“COPPA”) and similar international children’s privacy laws. Virtual Piggy enables the Under 18 audience to play, transact and socialize in a secure online environment guided by parental permission, oversight and control.
In the company’s news yesterday,
Virtual Piggy announced that it has expanded its financial payment system to support monthly subscriptions of teens and tweens who purchase subscriptions within games and other online digital media services via Virtual Piggy accounts.
Fanlala will be one of the first companies to integrate Virtual Piggy’s new subscription payment model. Fanlala is a social entertainment and lifestyle platform specifically designed for teens and tweens and is comprised of music streaming, broadcasting of new and original series, and more.
With the new payment solution, Fanlala users will be able to sign up for music, games, and other digital media subscription purchases using their Virtual Piggy accounts.
Virtual Piggy CEO and founder Dr. Jo Webber highlighted the broader economic value, leveraged by industry growth and current trends.
“Virtual Piggy now supports both the micropayment revenue model and the subscriptions revenue model,” Dr. Webber stated in the press release. “These payment systems are prevalent in gaming, music and other digital media, with the subscription model accounting for approximately $1.6 billion in online gaming revenue and $6.5 billion in online music revenue in 2011.”
Virtual Piggy doesn’t bypass parental control, but allows parents to set limits and time periods for subscription fees; parents also are notified every time a monthly payment is made toward a subscription.
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