Virtual Piggy is working with Univest Bank & Trust Company to provide the payment rails for its child-focused payment application and services to accommodate the company's mobile payment platform.

Virtual Piggy said the payment system is aimed at 80 million children under the age of 17 that influence some $830 billion in annual spending, according to a press release. The system would enable this demographic to become direct buyers with full regulatory and parental controls built into the platform. Parents will have the ability to monitor their child's spending, according to the announcement.

"This is a significant step for the company as we are planning our beta testing set for April of this year and it is important for us to have the kind of account services that Univest are providing to ensure maximum efficiency and success," John Coyne, CEO of Virtual Piggy, said in a statement.