Oink has come up with a way to help parents monitor their kids' in-app purchases. The payments firm has launched a service that lets parents use a credit account with specific limits on any single purchase for a given time, according to Engadget.

Like PayPal, Oink also uses a username and password to complete online purchases. Parents can set a monthly budget for a child so they don't overspend. In addition, the retailers, rating, and activation can also be easily set. This way, parents can be assured that their kids don't make purchases from unwanted apps and vendors, the report explained.

Another thing worth noting about Oink is its future plan to launch a physical card that can be used for dinner, taxi bills, and other purchases. This, too, can be tracked and customized by parents to limit spending. The said card will be released this summer, the report detailed.

As of now, Oink is working on expanding its services to accommodate more retailers and apps, Engadget reported.