Virtual Piggy has hired former PayPal executive Iain Herd to be its new global mobile product director.

Herd will be responsible for directing and managing Virtual Piggy's Mobile First initiative. Virtual Piggy, which did not immediately respond to requests for comment, enables young people—generally under the age of 18—to spend and manage money under parental supervision, using a mix of stored-value accounts and profiles that adults set up for their children.

Herd was previously global head of mobile partnerships at PayPal, where he helped launch a number of mobile services, including the PayPal Wallet app for Windows, point of sale technology and carrier billing and device partnerships.

He also worked for Vodafone, where he led the management of global social networking initiatives, working with partners such as Facebook, Microsoft, Yahoo, Google and Twitter. Herd's career began at Intuit's Quicken, where he worked in product management.

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