SAN DIEGO, CA--(Marketwire - Oct 17, 2012) - Teen payments solutions company BillMyParents, Inc. (
The technology addresses the intersection of two significant and growing multi-billion dollar markets: the online greeting card business and the gift card market. According to IBIS World, the online greeting card market has been growing at 20% per year over the past five years and is currently a $3.5 billion market in 2012. The CEB TowerGroup reports that although the gift card market is worth $100 billion today, only one percent, or $1 billion dollars of this market consists of online gift card purchases. BillMyParents' patented technology enables groups of people including friends and family to circulate a greeting card and have members of the group contribute electronic payments to collectively "gift" to the recipient.
"This patent is an extension of our strategy to provide safe and smart spending and gifting solutions to teens and their families. Gifting to and amongst teens through a trusted, online social sharing method will give parents confidence in their teens' financial activities," commented BillMyParents Chairman and Chief Executive Officer, Mike McCoy. "Innovating new financial solutions for tomorrow's teens and protecting these innovations through patents, is part of our strategy for growth."
The patent describes a method in which the initial sender of an online greeting card can invite unlimited additional contacts to sign the card, and even contribute gift funds for the recipient. Invitees can in turn invite members of their personal networks, interacting with the process on an ongoing basis through activity updates showing new comments as they are received. The method has a wide range of possible applications, especially in regards to the ability for multiple parties to electronically gift funds to an individual recipient. It also has applications for fund raising activities that are integral to the lives of teens including fund raising for schools, sports, and clubs.
For more information, please visit: www.BillMyParents.com
BillMyParents, Inc. (
The SpendSmart Prepaid MasterCard card is issued by University National Bank, member FDIC. MasterCard and the MasterCard brand mark are registered trademarks of MasterCard International Incorporated.
Certain statements contained in this press release are "forward-looking statements" within the meaning of federal securities laws, including, without limitation, anything relating or referring to future financial results and planned business activities. Such statements are inherently subject to risks and uncertainties, which include, without limitation, those in Company reports filed with the SEC. The Company can give no assurance that such expectations will prove correct. Future events and actual results could differ materially from those statements.