Venmo is Launching a Teen Account for 13- to 17-year-olds with Parental Control

Image credit : PayPal Newsroom The mobile payment service Venmo, which is owned by PayPal, is launching a Venmo Teen Account for 13 to 17-year-olds that, according to the business, gives convenience and the ability to learn about money. The accounts, which include with a debit card, must be opened by parents or guardians, Venmo stated on Monday.

"Venmo is a natural place for teens to learn how to engage with money responsibly, especially considering 86% of Gen Z are interested in using an app to learn about personal finance," Erika Sanchez, Venmo vice president and general manager, said in a statement. "For parents or legal guardians, the Venmo Teen Account allows them to give some financial flexibility to their teens, while giving them parental controls and visibility into their teen's spending habits."

[caption id="attachment_175843" align="aligncenter" width="1366"] Image credit : Neetable[/caption] Teenage debit cards are nothing brand-new. Although such cards aren't fully risk-free, many parents love how it eliminates the need for their kids to carry cash and how simple it is to track expenditures. The top debit cards for kids and teens listed on CNET come with a warning that parents should set usage restrictions and work to prevent access to their children's personal information. According to Venmo, guardians and parents can supervise transactions, control privacy preferences, and send money to their teen. From their own Venmo accounts, the adults can also keep an eye on up to five teen accounts. The teen account is free each month, and cash withdrawals from participating ATMs are also free. Depending on the source, after-school employment or other sources may be able to deposit money directly into teen accounts. The teen's account balance is distinct from that of their parents. Also read : Instagram Parental Control Tools Rolls Out For US Users Parents can create an adolescent account by opening the Venmo app, going to the Me screen, tapping their name, and selecting it from a drop-down option. Beginning in June, Venmo teen accounts are being made available to a limited number of users; in the coming weeks, they will become more broadly accessible.