Venmo debuts Digital Account and Debit Card for teens
By Gloria Methri
Venmo has introduced the Venmo Teen Account, enabling parents and legal guardians to open an account for their teenagers to send and receive money. The Venmo Teen Account also comes with a Venmo Teen Debit Card. The account gives teenagers a way to engage with and learn more about managing money through the Venmo app.
The Venmo Teen Account will allow parents to monitor transactions, manage privacy settings, send money to their teen, and will help parents to educate their teens on creating healthy money habits.
“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,” said Erika Sanchez, Vice President, and General Manager, Venmo. “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.”
Each Venmo Teen Account is connected to and managed by a parent’s personal Venmo account and provides parental controls and oversight of the activity on their Teen Account. The Venmo Teen Account privacy settings, including payments and friends lists, will be set to private by default, and parents will be able to view their teen’s transactions and friends list. Only the parent can change the Venmo Teen Account’s privacy settings.
Parents must sign up for a Venmo Teen Account on their teen’s behalf. To get started, parents navigate to the ‘Me’ screen in the Venmo app, tap their name in the top left-hand corner, and then tap “Create a teen account” from the drop-down menu. Parents can select a Teen Debit Card colour, and enter information about their teens like name, date of birth, and address.
The Venmo Teen Account is rolling out to select customers from June 2023 and will be widely available in the coming weeks. Those who qualify will see the option to create a Venmo Teen Account within the app.
IBSi Daily News Analysis
May 30, 2023
Digital Personal Finance
Are AI chatbots useful in fighting cyberattacks?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage