Billionaire tycoon John Paul DeJoria stopped by The K-EARTH 101 Morning Show along with friend and business partner Jo Webber to talk about a fascinating new technology that gives parents a virtual way to award and keep track of their children’s spending.
Jo has developed a site and mobile app called Oink.com, which allows parents to both set an allowance and keep track of their children’s spending.
“If you think about it, there’s two things you really care about the most; your money and your kids, and so often they’re intertwined,” said Jo.
The site and app allows parents to allot their children set amounts of money and manage their accounts all at a click of a button.
“It’s full transparency so kids get to see how much they spent, so they can experience buyer’s remorse themselves…and as a parent, you get to see everything they’ve done,” she added.
Oink also protects children’s privacy with a secure system developed with the FTC in order to make sure “we don’t reveal any personally identifiable information about your kids.” The transactions made online go through to the merchants as the parents making the purchase.
Oink has also partnered with several online merchants, including recently launching on Facebook, so it makes it easy for kids to make online purchase on games, apps and more all through their Oink account.
The best part of this technology is, it’s all free to sign up and use. Learn more about Oink.com and its app in our full interview with Jo and John Paul in the clip below.