Venmo is set to add teen accounts in the coming month. The teen accounts in question will include a debit card as well as controls for parents to easily monitor the transactions and privacy of their kids.
Venmo to Add Teen Accounts
Venmo is now introducing a new service that let parents to open a Venmo account for children between the ages of 13-17 in order to send and receive money through the app. Venmo Teen accounts as reported also come with a debit card as well as controls for parents to monitor transactions and manage the privacy settings of their kids which is important because Venmo has been routinely criticized for its lack of privacy protections in the past.
Parents or legal guardians on the other hand must sign up for a Venmo Teen account on behalf of their children. Each Venmo Teen account as you should know is connected to the personal Venmo account of their parent, which lets guardians to send money to their teen, monitor their account balance as well as transactions, and also to manage their privacy settings. Up to five Venmo Teen accounts can be easily and effectively managed by a single personal Venmo account.
The parent as you should know has sole control over privacy settings on Venmo Teen accounts, and the settings on the other hand such as payments and friends lists on the platform will be set to private by default although the connected account of the parent will be able to view transactions and the friends list of their child regardless.
Parental Controls with the New Venmo Teens Account
Parental controls on the platform also include the ability to lock, unlock, even and manage the PIN for their child’s debit card, authorize whether their child can get access to the Venmo app, and effectively block suspicious users from interacting with the Teen account.
There are no monthly fees on the Venmo Teen account just so you know, and the Venmo Teen Debit Card on the other hand provides no-fee cash withdrawals at participating ATMs. Balances that are between the connected child and parent Venmo accounts are kept separate. Venmo also reveals that its Teen Accounts may be eligible to receive Direct Deposit, thus letting any wages that the child gets to earn via after-school jobs to be paid directly into the account.
Roll Out Of the Teens Account
Venmo regarding its new Teen account says that it will begin rolling out to select customers starting from June 2023 and that it will be “widely available in the coming weeks.” When live, parents can easily sign their child up for a Teen account simply by heading to the “Me” section that is within their own personal Venmo account, by tapping on their name in the top left-hand corner, and then selecting “Create a teen account.”
Venmo and Its Privacy Concerns
Kids as often require safe digital access to money as stores increasingly phase out physical cash, but Venmo with this new development has given plenty for parents to be concerned about. The mobile payment service has for a long time now been widely criticized over privacy concerns, with one 2022 study from the University of Southern California reporting that two in five users of Venmo have exposed their own personal information on the platform unknowingly to them.
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