Youth targeted payment system BillMyParents launched at last

After a period of trial Socialwise, Inc. at last launched its payment system aimed at allowing young buyers to shop online. BillMyParents, an innovative online youth payment system, was announced today to have been introduced along with the three main options to enable teens to make purchases via Internet while providing their parents with the full control of these purchases.

According to the statistical data out of more than $132 billion spent annually by youth, $40 billion is spent offline on products researched online. Lack of a credit card was cited by 40% of teens as the reason why they don’t buy online.

“The online teen spending market is hugely underserved and BillMyParents is uniquely poised to tap into the desire for teens to be able to shop online, while still letting parents maintain control in a safe and secure environment,” said James Collas, CEO of Socialwise. 

At launch BillMyParents payment system platform includes the following elements:

• BillMyParents Shopping e-commerce site BMPshopping.com

• Partnerships with leading online social Web sites such as Artix Entertainment, Habbo, Outspark and RockYou!

• Social network shopping application for leading social networks, such as MySpace and Facebook

“Our partnership with Socialwise and BillMyParents adds a valuable and unique payment feature to our online role playing games,” said Daniel Vasile, business development manager of Artix Entertainment, LLC. “Many of our 80 million registered users worldwide are under 18, and by offering our young gamers and their parents an innovative, safe and easy way to make purchases and enhance game play, Artix is continuing to offer leading-edge features that enhance the gaming experience.”