Wiggy will be the first product that actually links a physical piggy bank with a child’s bank account and introduces the concept of saving at an early age.
Spiral Toys, a leading provider of mobile-connected, wireless entertainment technology, has introduced Wiggy™, a mobile-connected piggy bank for children.
The product introduces 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 the mobile app, parents, grandparents and other friends and family can securely deposit funds to a child’s bank account for birthdays and holidays, or to reward the child for great school grades and completing their chores.
Wiggy incorporates the same Blue Tooth Low Energy (BTLE) technology that powers Spiral’s flagship CloudPets plush toys. The unique technology connects the Wiggy mobile app on popular mobile devices to the physical piggy bank which has the ability to light up with different colors, oink, and shake.
“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.”
Through the Wiggy app, parents can easily set up a reward system, where tasks and chores provide a way for a child to earn money. Money can be transferred from the parent’s bank account into their child’s account when they complete tasks and chores.
Parents will also be able to invite friends and family to make deposits on any special occasion, like birthdays and holidays. The app allows children to check their bank account balance and set savings goals.
Spiral has completed successful consumer field tests with Wiggy, and is planning an official comprehensive media launch in the second quarter of 2016. The launch will include a national marketing campaign driving direct sales and brand awareness to lead toward a retail launch of the product in the second half of 2016.
“While with CloudPets we are monetizing 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,” noted Meyers. “In fact, we are currently in discussions with a number of financial and banking institutions regarding this new element of our platform.”