BillMyParents Issued U.S. Patent for Online Greeting Card With Group
Patent Has Significant Potential Applications in $3.5 Billion Online
Greeting Card Market and $100 Billion Gift Card Market
SAN DIEGO, CA -- (Marketwire) -- 10/17/12 -- Teen payments solutions
company BillMyParents, Inc. (OTCQB: BMPI) today announced that the
United States Patent and Trademark Office (USPTO) has awarded the
company U.S. Patent No. 8285587, covering a method for multiple users
to sign an electronic greeting card and pledge money as part of a
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
"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 electr
onically 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. (OTCQB: BMPI), the
Responsible Teen Spending Company, offers a solution for parents who
want to help their teens develop smart spending habits. The
BillMyParents SpendSmart MasterCard card is the instantly trackable,
reloadable MasterCard prepaid card that lets parents and teens track
spending in real time. Features include the ability to instantly
lock, unlock and reload the card at any time; text alerts to parents
and teens showing real-time transaction details with each purchase;
and the freedom and security of a MasterCard prepaid card without the
risk of overdrafts, accruing debt or affecting credit scores.
BillMyParents provides parents with a modern way to help teach their
teens financial responsibility, when it counts. For more information,
please visit www.BillMyParents.com.
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.
Investor Relations Inquiries:
Corporate Profile, LLC
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