Virtual Piggy, which provides the Oink online wallet service for their youths, will release a prepaid Discover card to extend its offering to retail stores.

The card and online wallet allow parents to monitor and set restrictions for purchases. The product complies with both Federal Trade Commission regulations and the Children Online Privacy and Protection Act.

"Our goal is to have Oink be the payment option of choice, online or offline, for families worldwide," Jo Webber, chief executive officer of Virtual Piggy, said in a statement.

The card will work like a reusable prepaid gift card, with online tracking features for parents. Virtual Piggy and Discover announced their partnership in February, and will formally announce the card's launch on Nov. 21.

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