Venmo adds teen accounts with debit cards for 13-17 year olds

Venmo, the mobile payment service owned by PayPal, has announced the introduction of a Venmo Teen account for ages 13-17. Parents or guardians must open the accounts, which include a debit card, Venmo said Monday.

“Venmo is a natural place for teens to learn how to manage money responsibly, especially since 86% of Gen Z want to use an app to learn more about personal finance,” said Erika Sanchez, vice president and general manager of Venmo. statement. “For parents or legal guardians, the Venmo Teen Account allows them to give their teens some financial flexibility, while giving them parental control and visibility into their teens’ spending habits.”

Teenage debit cards aren’t exactly new. Many parents appreciate how these cards eliminate the need for their children to carry cash and how easy it is to track purchases, although these cards are not completely risk-free. CNET’s list of the best debit cards for kids and teens warns that parents should set limits on how cards are used and try to minimize access to children’s personal information.

Venmo said parents and guardians can monitor transactions, manage privacy settings, and send money to their teen. Adults can also monitor up to five teen accounts from their own Venmo account.

The Teen Account has no monthly fees and includes fee-free cash withdrawals at participating ATMs. Teen accounts may be eligible to receive direct deposits from after-school jobs or other sources. The teen’s account balance is separate from their parent’s account.

To register, parents can open the Venmo app, access the Me screen, tap their name and choose create a teen account from a drop-down menu.

Venmo teen accounts are rolling out to select customers starting in June and will become more widely available in the coming weeks.

To learn more, check out some basic tips to protect your privacy on Venmo and Cash App.