Payments

Venmo intros teen account

Photo provided by Venmo.

May 23, 2023

Venmo, a digital payments platform owned by PayPal Holdings Inc., has introduced the Teen Account for users between the ages of 13 to 17-years old. Parents can open the account and monitor transactions, privacy settings and teach their teens budgeting, according to a press release.

"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," Erika Sanchez, VP and general manager, Venmo, said in the release. "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."

Parents manage the Teen Account from their own personal Venmo account. The Teen Account's transactions and friends list are set to private by default. The account has no monthly fees and offers fee-free cash withdrawals at participating ATMs.

Customers can sign their teens up for their account by going to the 'Me' screen in the Venmo app, and select the option to create the account from a drop-down menu, according to the release.