Teenagers will officially be allowed to open a Venmo account with their parent's permission, the company said Monday, expanding the popular social payments app to an age demographic that is likely to embrace it almost immediately.
– Teenagers will officially be allowed to open a Venmo account with their parent's permission, the company said Monday, expanding the popular social payments app to an age demographic that is likely to embrace it almost immediately.
Venmo has been a popular way to send money to individuals for years, and now has more than 90 million users. The product for teens comes at a time when other social apps are being watched closely by politicians and regulators. The state of Montana banned TikTok last week and other states are considering a ban as well.
The Venmo Teen Account will be available for 13- to 17-year-olds and comes with a debit card as well. Parents will be able to monitor transactions, adjust privacy settings as well as move money to their teenager. Parents will also be able to lock and unlock the debit card and see who the teenager is sending money to and receiving it from.
Venmo acknowledged that opening the service to teenagers was done in response to frequent requests from users over the years, a nod to the fact that teenagers were likely using the service already. The mainstream accounts provide the teenagers more security and identity verification, and also give them access to the debit card.
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