Spiral Toys has launched a mobile-connected piggy bank that can connect to a child's actual bank account.
Named Wiggy, the product aims to introduce the concept of saving at an early age by combining a toy piggy bank with an interactive mobile app and a linked bank account.
Through a mobile app, parents can securely deposit funds to a child’s bank account and the app also allows children to check their bank account balance and set savings goals.
“Wiggy will be the first product to link a piggy bank with a child’s banking account, making saving fun, engaging and rewarding for the whole family.” said Spiral Toys CEO Mark Meyers.
“Wiggy will build on the success of our CloudPets line by offering a mobile-connected experience that teaches children important life lessons around earning and saving money.
“While with CloudPets we are monetising our growing mobile user base with the sale of digital content, Wiggy expands our revenue model with a tremendous opportunity to deploy mobile financial technology as seen with PayPal and Venmo, such as in money transfer and electronic payments.
“In fact, we are currently in discussions with a number of financial and banking institutions regarding this new element of our platform.”
Wiggy is set to launch in the second half of 2016.