E-commerce solution Virtual Piggy today announced that it has expanded its financial payment system to support monthly subscriptions of teens and tweens who purchase subscriptions within games and other online digital media services via Virtual Piggy accounts.
Fanlala will be one of the first companies to integrate Virtual Piggy's new subscription payment model. Fanlala is a social entertainment and lifestyle platform specifically designed for teens and tweens and is comprised of music streaming, broadcasting of new and original series, and more.
With the new payment solution, Fanlala users will be able to sign up for music, games, and other digital media subscription purchases using their Virtual Piggy accounts.
Virtual Piggy CEO and founder Dr. Jo Webber highlighted the broader economic value, leveraged by industry growth and current trends.
"Virtual Piggy now supports both the micropayment revenue model and the subscriptions revenue model," Dr. Webber stated in the press release. "These payment systems are prevalent in gaming, music and other digital media, with the subscription model accounting for approximately $1.6 billion in online gaming revenue and $6.5 billion in online music revenue in 2011."
Virtual Piggy doesn't bypass parental control, but allows parents to set limits and time periods for subscription fees; parents also are notified every time a monthly payment is made toward a subscription.
For more information visit: virtualpiggy.com
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