Someone was bound to think of it. Give the Gen X caboose a name, get their too-busy-to-shop parents to give up their credit card numbers and establish an online account for their kids and finally, convince the kid that they have better things to do than hanging out at the mall.
RocketCash Corporation of Saratoga, California just happened to be the ones who translated the thought into action. The company announced the grand opening of their online shopping site for Gen “Y” customers Tuesday and plans to introduce their affiliated merchants all through the month.
RocketCash managed to attract an impressive list of e-commerce retailers, many, no doubt, who hope to be the Tommy Hilfiger fad of the millennium with the next generation of consumers.
Amazon.com, barnesandnoble.com, jcrew.com, CDNow, Reel.com, Beyond.com, Outpost.com and a host of others have all signed on to the RocketCash site and its unique payment method.
Patented Technology Gives Parents Control
The company says that its patent-pending technology allows parents to set up an account for their child with their credit card and then set the child’s access to specific merchant’s sites, hours of operation and an automatic option that would replenish the account periodically.
This technology is aimed at giving kids a way to log onto RocketCash and shop online without having to enter any personal information. The site is free for users. Merchants have the ability to sell through their pre-existing sites and specifications and can maintain their full branding, merchandising and overall look of their e-commerce sites, the company claims.
RocketCash has signed an agreement to work with Chase Treasury Solutions, a division of the Chase Manhattan Bank. Chase will hold funds on behalf of RocketCash until it is instructed by the company to pay for purchases made by its customers at its merchants sites.
“We can deliver the product infrastructure and have the management philosophy to support creative business ventures, like RocketCash, as they blaze new trails in the e-commerce arena,” said Chase Treasury VP, Frank Tufano.
It’s a trail that dangles a pot of gold at the end of the proverbial rainbow. The company claims that less than one percent of the $141 billion (US$) spent by teens on retail last year was spent via e-commerce and that 20 million teens are expected to be online this year. RocketCash might just have helped introduce a Gen “Y” online boom.