P2P Push Continues as Oink Adds Transfer Function (June 2, 2015)
The P2P hits keep coming. On the heels of Facebook’s app-based money transfer service expanding to New York City and adding functions, money management provider Virtual Piggy Inc. has unveiled a P2P transfer service of its own. Based on the latest version of the company’s Paybefore Award-winning Oink wallet app—which is targeted toward teen users—the service enables users to receive transfers to their standalone mobile accounts as gifts, allowances or in exchange for jobs, such as babysitting or lawn work. Once received, the funds can be loaded automatically or manually onto Oink’s companion Discover prepaid card. Parents maintain oversight and control of their children’s spending via transaction tracking, balance checks and the ability to set spending limits by purchase type. “The 11- to 21-year-old audience needed a more modern banking solution, with real-time access and control, and we provided it,” said Dr. Jo Webber, CEO and founder, Oink.
The P2P market is ramping up as financial services providers, retailers and social media networks attempt to leverage money transfer to bolster their offerings to existing users and gain new ones. Companies ranging from banks and payment networks to Twitter and Snapchat are getting in on the action. And while established players have an advantage over new entrants, many industry observers view P2P as an opportunity for smaller providers and startups to gain traction with consumers and build up their user bases.