Venmo Launches Accounts and Debit Cards for Teens

JAKARTA - Venmo, a mobile payment service from America, introduced a Venmo Teen Account equipped with a Venmo Teen Debit Card for teenagers aged between 13 to 17 years.

Following its announcement, the company said that the Venmo Teen Account will give teens a way to get involved and learn more about managing money through the Venmo app.

In the Venmo Teen Account, parents will be able to monitor transactions, manage privacy settings, send money to their teen. In addition, this youth account will also help parents educate their teenagers to create healthy money habits.

“Venmo is a natural place for teens to learn how to engage with money responsibly, especially considering that 86% of Gen Z are interested in using apps to learn about personal finance 2,” said Erika Sanchez, Vice President and General Manager, Venmo, quoted Tuesday, 23 May.

Each Venmo Teen Account will be linked to and managed by the parent's personal Venmo account. This way, parents will have control over activity on their Venmo Teen Account.

Some of the benefits that can be obtained when creating a Venmo Teen Account or Venmo Teen Account are:

Convenient: The Venmo Teen account has no monthly fees and offers no-fee cash withdrawals at participating ATMs via the Venmo Teen Debit Card.

Connected: Teens can send and receive money among family and friends. Parents can monitor up to five Venmo Teen Accounts from their personal Venmo account.

Empowering: Teen Venmo accounts have separate balances from parents' personal Venmo accounts and come with teen-owned debit cards in a variety of colors and designs. Teens can track their own spending on the Venmo app, which helps teach financial responsibility and understanding.