Venmo Teen accounts are coming next month
They include a debit card and controls for parents to monitor transactions and privacy.a news writer focused on creative industries, computing, and internet culture. Jess started her career at TechRadar, covering news and hardware reviews.Venmo is introducing a new service that allows parents to open a Venmo account for children between the ages of 13-17 to send and receive money via the app.
Parents can monitor where their kids are spending their cash to ensure it isn’t being spent on anything nefarious.Parental controls also include the ability to lock, unlock, and manage the PIN for their child’s debit card, authorize whether their child can access the Venmo app, and block suspicious users from interacting with the Teen account. There are no monthly fees on the Venmo Teen account, and the Venmo Teen Debit Card provides no-fee cash withdrawals at participating ATMs.
Venmo says its new Teen account will begin rolling out to select customers from June 2023 and will be “widely available in the coming weeks.” When live, parents can sign their child up for a Teen account by heading to the “Me” section within their own personal Venmo account, tapping their name in the top left-hand corner, and selecting “Create a teen account.”
Kids require safe digital access to money as stores increasingly phase out physical cash, but Venmo has given plenty for parents to be concerned about. The mobile payment service has been widely criticized over privacy concerns, with one from the University of Southern California reporting that two in five Venmo users have exposed their own personal information on the platform.Article has been updated to note that parents can also choose to grant or deny their children access to the Venmo app.
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