A new startup targets an audience that is rarely catered to by online payment solutions - kids. Every time children want to buy extra game time or a hot new track on iTunes they must get their parents in front of the PC with a credit card. KidsCash aims to change this situation with a child-friendly shopping experience, aimed at children aged 7 to 14 years old.
kidsca.sh is launching its beta version today with a kid friendly marketplace offering best selling products and goodies from X-box, Disney's ToonTown, World of Warcraft, Zynga and others. Kids can use money deposited by their parents through the site's secure payment service in a safe and fun environment. The site also teaches kids about financial management through game-like features which include bonus points for savings, badges for donations, and even special offers for kids planning their shopping in advance.
KidsCash is currently collaborating with several publishers and corporations, among others: Club Penguin (Disney), Compedia, Ekoloko, Getonic, Junior Achievement, ZooZ and 3 banks under NDA. In addition, it had lately reached a strategic partnership with Everloop; the popular kids-friendly social network.
The site allows kids to shop at the safe marketplace where more products are added daily. Ecommerce sites can include a "Pay with KidsCash" button in their payment options as well. Backed by high-end fraud detection software, KidsCash provides a safe and convenient payment option that does not store any credit data.
The site allows parents to deposit money for their kids either as a regular allowance, or as a one time gift. It further allows them to monitor their child's spending online, filter the products they can buy, or set limits on their spending. Beyond freeing parents from the hassle of making payments on behalf of their kids, KidsCash creates an opportunity for children and parents to discuss shopping and saving habits.
The online shopping experience has changed dramatically since the introduction of online gifts and virtual goods. Children are currently responsible for $32 billion in online purchases. Now, with KidsCash, online stores can cater for this growing market and retain their younger shoppers.
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