Virtual Piggy is now officially called Oink. The payment service geared toward minors has changed its name to Oink after acquiring the domain, trademarks and social marks for $57,500 from Kevin Rose’s startup Milk which he sold to Google.
The decision to change the name came after demographic research on Virtual Piggy’s 750,000 active users. The research showed 66% of users were over the age of 13, resulting in the name as being too infantile according to Oink CEO, Jo Webber. The name Oink removes the childish wording, without losing the piggy bank affiliation.
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Oink is a virtual wallet for people under the age of 18, and is funded by their parents. Oink has an online “Oink-approved” merchant store, and includes brands such as Banana Republic, GameStop, Claire’s and Toys‘R’ Us. The service can be accessed via a mobile application, mobile browser and desktop computer.
The original Oink name belonged to a user review mobile application developed by Milk. Milk was created by Digg and Revision3 co-founder, Kevin Rose. Milk was purchased by Google in 2012, and resulted in the immediate shut down of Milk, resulting in Oink also to shut down.