CES shows a piggy bank for kids in cashless times

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Las Vegas (AP) -- London based company Pigzbe has launched an electronic piggy bank for children at the CES tech show in Las Vegas.

The Pigzbe device stores electronic money and connects to an app, all to teach children about the value of money in cashless times. Courtesy: AP

The Pigzbe device stores electronic money and connects to an app, all to teach children about the value of money in cashless times.

How do you teach children the value of money when there is no cash around?

That is a problem that Pigzbe is trying to solve with an electronic cash wallet for children.

The Pigzbe wallet contains a digital currency called Wollo and it connects to an education app that explains how money is earned and spent.

The company's head of education Giorgia Migliaresi explains the idea:

"So this is Pigzby. Imagine that once upon a time there was the piggybank. Children used to put coins int he piggybank and when it was full they would break it and buy themselves whatever they wanted. And as cash is now going we are loosing the opportunity to learn about money that way. So, we have invented a piggy wallet. The idea is that parents, connecting to an app, can use it to teach children meaningful lessons about managing money. They can allocate them tasks and also say what they are worth. When the tasks are completed my piggy notifies me and I can go and see what my account balance is," says Migliaresi.

Once children have completed the tasks they receive a payment in the form of the Wollo currency.

"The idea is that we want children to experience the tangibility of money. So, these will become basically my financial assistant. When I get a task from my parents I will be notified on the device. It will vibrate, it will tell me what to do. When I've done it I will go back to my Pigzby, I will tell it that I have completed my task. I will be able to see my balance, and then if I want to see a breakdown of my account I will ask mom and dad to show me the iPad so I can see where my money comes from and where my money wants to go in to," says Migliaresi.

Since no shops accept Wollo, the Pigzby can also be connected to a card which can then be used to spend money in the real world, but Migliaresi explains: "The account can be connected with a card that I can use to spend in any shop."

But to get Pigzbe parents have to fork out some real money first. The digital wallet costs $99 dollars (USD) and is currently available as preorder.

CES 2019, the world's largest tech conference, runs Tuesday 8th to Friday 11th January.

Over 180,00 visitors are expected to attend the huge annual consumer electronics show in Las Vegas. The top trends this year are the Internet of Things (IoT), 5G and high-tech mobility.

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