|By Business Wire||
|December 18, 2012 08:01 AM EST||
Virtual Piggy, Inc. (OTCBB: VPIG) today announced it has signed an agreement with CardinalCommerce Corporation to integrate its youth payment technology into their Centinel® Universal Merchant Platform through Cardinal.
Virtual Piggy allows parents to set up a monthly allowance for their children and promotes financial management while empowering U21s to make purchasing, saving and other money management decisions for themselves, within the boundaries setup by their parents.
Cardinal is the global leader in enabling authenticated payments, secure transactions and alternative payment brands both for eCommerce and mCommerce.
“Cardinal is a key partner for Virtual Piggy,” said Founder and CEO Dr. Jo Webber. “The reach of their client base and the efficiency of their technology will allow many new merchants to sign up and integrate with Virtual Piggy. We’re very excited about the many avenues this partnership will open up for our business.”
“We are pleased to offer Virtual Piggy as a payment option to our network of eCommerce and mCommerce merchants,” said Colt McCutcheon, Vice President Global Sales CardinalCommerce. “Launching Virtual Piggy on the Centinel platform provides our Customers with the opportunity to generate revenue while providing parents the technology to allow their children to safely make online purchases. Virtual Piggy shares one of Cardinal’s goals, which is to bring secure remote transactions to customers domestically and internationally.”
About Virtual Piggy, Inc.
Virtual Piggy, Inc. is the first e-commerce solution that enables kids to manage and spend money within a parent-controlled environment. The technology company delivers online security platforms designed for the Under 21 age group in the global online market, and also enables online businesses the ability to function in a manner consistent with the Children’s Online Privacy Protection Act (“COPPA”) and similar international children’s privacy laws. Virtual Piggy enables the Under 21 audience to play, transact and socialize in a secure online environment guided by parental permission, oversight and control. The company is based in Hermosa Beach, CA and on the Web at: www.virtualpiggy.com.
CardinalCommerce has been a pioneer in the remote payments industry since 1999 and is a branded global leader in enabling authenticated payment transactions in the electronic commerce and remote commerce markets.
Cardinal's SaaS software platforms for merchants, banks, processors and transaction supply chain providers create friction-free interoperability among otherwise disparate and incompatible operating systems. Cardinal's platforms enable technology-neutral authentication across a wide range of applications. The Company's proprietary, patented solutions easily facilitate the addition of new technology for remote distribution channels through a single connection. This allows merchants to securely accept payments from the entire financial transaction ecosystem.
The universe of payments spans from traditional credit and debit card brands like MasterCard and Visa, to established and emerging alternative payment brands like PayPal, Green Dot, and Alipay. In accommodating this growing number of payment brands and methods, and these technology and authentication approaches within legacy infrastructure, Cardinal's platforms serve as universal switches, supporting virtually all merchant platforms, wallets, processing systems and authentication methodologies.
CardinalCommerce is headquartered in Cleveland, Ohio and services a worldwide Customer base from facilities in the United States, Europe and Africa. For more information, visit www.cardinalcommerce.com.
Safe Harbor Statement
All statements in this news release other than statements of historical facts are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause our actual results, events or financial position to differ materially and adversely from those expressed in such forward-looking statements. Such factors include, but are not limited to, our ability to raise additional capital, the absence of any operating history or revenue, our ability to attract and retain qualified personnel, our dependence on third party developers who we can not control, our ability to develop and introduce a new service to the market, market acceptance of our services, legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property, general economic conditions, as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2011 filed with the Securities and Exchange Commission, and other filings with the Securities and Exchange commission and other public documents and press releases.
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