A Piggy Bank with Companion Crypto-Currency
Traditional piggy banks tend to become obsolete as connected versions building on advanced educational approaches are starting to grow popular. Pigzbe stands out via including a crypto-currency within their savings app.
Pigzbe further expands their connected piggy bank concept through pairing it with a virtual currency, called Wollo. According to the FinTech, these tokens contribute to enhancing a learning environment for full-scale finance management.
Pigzbe’s piggy bank relies on a small box (relatively similar to a connected flash drive) where kids will store their Wollo coins. This service also has a mobile app enabling children (6 and up) to play games intended to teach them how volatile crypto-markets are, as well as how to earn and save money. Parents/family members can, for their part, use the app to keep an eye on their kids’ savings and send money to their Pigzbe account.
Pigzbe insists on their low transaction fees (below $0.01) and processes Wollo-based transfers in just six seconds. This start-up is also planning to propose a companion connected payment card, allowing families to convert Wollo tokens into multiple local currencies anywhere in the world.
Comments – 2.0 piggy banks building on virtual currencies
Back in 2015 already, the start-up Ernit made it possible to teach children what money is actually worth. And, when the 2017 school year began, Crédit Suisse unveiled a savings program for kids along with a connected “Digipigi” piggy bank: a digital piggy bank switching on when children are sent some money to their associated savings account. This concept of dematerialised piggy wallet is also reminiscent of ASB service in New Zealand.
These 2.0 piggy banks rely on actual physical tools, yet unlike former versions they cannot be used to save physical coins. They would rather help improve children’s financial education in a world where exchanges/transactions are largely paperless.
In this context, Pigzbe takes one step further through getting younger users used to dealing with virtual currencies, and becoming familiar with an “atypical” market, likely to be easier to apprehend for next generations.
Video: https://youtu.be/uX6cEah5Fcs