Oink Card Lets Kids Shop Online But Parents Control Spending
A new debit card known as Oink gives children the ability to make purchases online and at their favorite stores. Parents maintain control of the way money is spent on the card, so this may be a way for children to learn about saving, spending and making other important financial decisions.
Oink is a debit card that pairs with a free app. The app gives parents the opportunity to deposit money onto the card, usually for allowance, and set limits on how the money can be used. This may be a weekly limit lower than the deposit, or a specific dollar amount for specific stores or websites. Kids have the freedom to use their cards like an adult, but the parents have a say in how the money is allocated.
The Oink card allows the kids to shop at any of the more than 25 million merchant locations that accept Discover.
“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 of Oink, in a statement.
Oink cards are not authorized for ATM withdrawals at this time, but Webber told MarketWatch that may be an option for the future. The opportunity to withdraw from the ATM will be left up to the parent.
Oink is compliant with the FTC and COPPA in reaching consumers under 21 years old in a safe, legal and effective manner.
According to MarketWatch, the biggest categories for purchases are food at 50%, general purpose stores (Wal-Mart, K-Mart, Target, etc.) at 20%, online entertainment at 10%, and gas at 10%.
Last month, the average deposit made into Oink accounts was $80, but the average amount of money spent was only $30. This may show children are more willing to save than most people realize, or that parents are striving to teach their children about saving in the modern world.