Venmo is to give parents and legal guardians the means to open an acount for their teenagers between the ages of 13 to 17-years-old so they can send and receive money.
Complemented by a Venmo debit card, the Teen Account will allow parents to monitor transactions and manage privacy settings for as many as a five accounts.
Parental controls include the ability to view the Teen Account’s balance and transaction history, manage the Teen Debit Card’s PIN, lock and unlock the debit card, review a Teen Account’s friends list, and block users from interacting with the Teen Account.
“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,” says Erika Sanchez, VP 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.”
The Venmo Teen Account is rolling out to select customers from June 2023 and will be made more widely available in a staggered launch.