This application created by Filippo Yacob is focused for children over six years of age. It works like a piggy bank where minors can store virtual money. Its objective is to teach about cryptocurrency while encouraging savings.
The application works through a Blockchain service called Wollo, the first designed specifically for children. In this way, it encourages children to save money in a cashless society, which is difficult with piggy-style savings apps that don't allow small transfers or charge high fees.
According to CEO Yacob, learning about money in the early stages is key to developing positive financial habits. However, he cautions that this could become a hardship for today's children due to the disappearance of cash. The disappearance of this element could be a problem in teaching monetary systems and finances for children.
On the other hand, the executive also explained that when looking for piggy bank applications for his son; could not find nothing that would allow you to make small payments. Not only that, but these digital piggy banks also charged up to 50 cents for the 50 cent transfer.
How does it work?
Compared to the competition Pigzbe uses an app to transfer money from parent to child. It is made up of an immersive game-type version, with fun dynamics and intuitive use. Instead, adults use a simpler version.
It is composed of a device that works in conjunction with an application to play. In this way, saving is a fun activity. The best part is that it allows families to transfer minimal amounts of money in seconds.
It also contains a pink remote so kids can control games and receive notifications from family members. On the other hand a black control is reserved for parents who can reserve Wollo coins offline.
Finally, it also allows you to trace all transactions or purchases made by children. This is made possible thanks to the Wollo Card, which can be used by adults or children in multiple online and offline stores. In addition, the card enables parents to restrict their children from buying alcohol, tobacco and others.