Virtual Piggy Inc., provider of payment technology Oink, Tuesday announced the release of what the company said is a new and improved app, which will include peer-to-peer functionality allowing teens to receive deposits to their accounts for work or gifts from family and friends.

"The mobile peer-to-peer market is expected to reach $86 billion in the U.S. as it solves a real pain point for consumers," Dr. Jo Webber, CEO and founder of Oink, said in a press release. "The 11-to-21 year-old audience needed a more modern banking solution, with real-time access and control, and we have delivered it."

The Oink app enables consumers to manage their mobile wallet and acts as a standalone mobile account, according to the announcement. From their mobile account, users have the option to auto-load an Oink card or manually load as needed. Parents and guardians can set up a weekly allowance that is automatically deposited into their teen's mobile account. The new peer-to-peer capability allows for deposits that can be utilized as payments for tasks such as babysitting or lawn work in addition to gifts from family and friends for any occasion.