Venmo launches account and debit card for teens
Venmo has launched a new account and debit card offering for teenagers in the US aged 13 to 17.
The teen account and debit card allows parents to monitor transactions, manage privacy settings, send money to the teen account, and help build financial literacy among teenagers.
Erika Sanchez, vice president and general manager of Venmo, says the app is a “natural place” for teenagers to learn about money and engage with it responsibly, “especially considering 86% of Gen Z are interested in using an app to learn about personal finance”.
The teen account can only be opened by parents, with a limit of opening and monitoring up to five accounts from their own personal Venmo account. The account carries no monthly fees and offers fee-free cash withdrawals at all participating ATMs.
The account will be rolled out to select customers in the US from June and will be “widely available” in the coming weeks.