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Project Overview
Under 18’s face very real problems with using money online. Lack of appropriate payment methods, financial illiteracy, and severe privacy issues are some examples.
Oink is a payment service (currently over 1M subscribed users) allowing children and teens to safely shop and save using their mobile devices and online, all within parental controls.
The Oink app lets children keep an eye on their funds and learn about their spending. Parents have additional features to keep tabs on their family spending and control expenditures.
Organisation
Oink
Team
Trevor Lee, Antony Whenman, Charlie Davidson, Sowmya Golyala, Morgan Skinner, Jeremy Tipton, Iain Herd, Daniel Bruce, Ivo Weevers
Project Brief
With money moving into the online and mobile world, children and parents face serious issues:
1. A lack of available payment methods encourages friendly-fraud (children using their parent’s credit card), resulting in illegal transactions, undesired high monthly bills, and merchant chargebacks.
2. Current online payment methods do not help educating children on financial planning.
3. Online merchants often collect more than desired or allowed information about children, hereby violating privacy legislation. Violations have already resulted in multi-million penalties to companies.
4. Many online payment portals do not properly age gate users, such that information collection and presentation is tailored to the appropriate age.
Oink solves these problems for children, parents and online merchants. The goal of the mobile app is to give children and parents a convenient tool to keep an eye on their funds, learn about money and monitor the family, everywhere and anytime.
Project Need
Oink’s overall solution relies on a patented method to smartly use the parent’s funding sources when children are spending with their mobile and online.
The Oink app marries the unique capabilities of this payment solution with on-the-go needs, tailoring the experience to each specific user:
• Every user above the 18 years can add payment card information (through an easy scan-card option) and child information.
• Every user between 18 and 13 years can sign up for the service without direct parent’s involvement.
• Every user below 13 years is asked to invite their parents, complying with COPPA regulations (Children’s Online Privacy Protection Act), Data Protection Act 1998 and EC rulings.
The app uses rich visual presentations of information and data animations to create an engaging financial experience for younger audiences.
User Experience
The app’s user experience is centred around 3 themes:
1. Engaging finances: Money matters can be perceived as boring, especially by a younger audience. The visual appealing, fast-performing and animated experience makes it fun for children and parents to engage with their finances.
2. Control: relating to both being in control of funds and the family. The app provides an instant overview of the balances and last transactions to understand what is happening. Additionally, parents can update spending restrictions for children on the spot (for example when children are in instant need, or when spending patterns exceed expectations).
3. Security & privacy: The app is protected by a personal PIN and the sign up process guides the user to the appropriate experience based on age.
Project Marketing
The app is part of the total Oink solution, which also includes online merchant integration, games integration and - soon - in-store payment capabilities. Therefore, the app is marketed as part of the overall campaigns.
Key channels are:
• TV: Oink has appeared in TV shows in the US, such as Bloomberg TV and Fox.
• Social: Oink has an active following on twitter and on Facebook.
• Local events: Oink supports local youth events for sports and education.
• Online tech media: Oink has appeared in major online tech press, such as TechCruch, Engadget, and VentureBeat.
Project Privacy
Oink has a multi-layered privacy protection model:
1. It complies with the highest standards of privacy for children: the Children’s Online Privacy Protection Act, Data Protection Act 1998, European Commission edicts, and TRUSTe and ESRB certifications. All define rules around mobile and online data collection from children.
2. All sensitive information is stored on PCI / DSS Level 1-compliant servers.
3. The mobile app uses pin code as an additional security and privacy measure.
Financial Information & Tools
This category relates to applications that provide financial information and tools.
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