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A lot of teenagers already use Venmo through their parents’ accounts, but the company has announced that teens will now officially be allowed to have their own account. The Venmo Teen Account is for 13- to 17-year-olds, but parents have to open the accounts, which even come with a debit card.
The mobile-payment service is a popular way to send money to people, with more than 90-million users, and Venmo execs estimate that opening it up to teens could create 25-million potential new customers. Parents will be able to monitor their teen’s transactions, control privacy settings and lock and unlock the debit card, as well as see who the teen is sending money to and getting it from. Adults can monitor up to five teen accounts from their own Venmo account and the teen accounts have no monthly fees.
"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," explains Erika Sanchez, Venmo vice president and general manager.
Read the article at CNet