Kids are spending vast amounts of money, online every day. A recent Harris poll estimated that under 24’s in the USA, spend in excess of USD200 Billion each year. Yet how is this possible? Under eighteens are not legally entitled to credit cards in most countries and many young adults do not have the credit rating to qualify for card. The terms and conditions of PayPal also exclude under eighteens from having a PayPal account. This eCommerce sector is therefore subject to very high levels of transaction friction, cart drop out and friendly fraud.
In recent years, eCommerce has proven to be very disruptive to the high-street. Companies that fail to embrace this disruption simply cease trading. Merchants around the globe have been struggling to find a way both to monetize the youth and un-banked demographics that is compliant with regulations such as the Children Online Privacy and Protection Act (COPPA) in the USA and reduce transaction friction and chargebacks
Virtual Piggy is the first commercially available solution that addresses the challenges of this market for Parents, Kids and Merchants. Here is there whitepaper on ‘Frictionless eCommerce for Under Eighteens’.
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