Parents and legal guardians will be able to set up a Venmo account for their 13–17-year-old children so they can send and receive money.
With a Teen Account and a Venmo debit card, parents will be able to keep an eye on transactions and change private settings for up to five accounts.
Parental controls include the ability to see the Teen Account’s balance and transaction history, manage the Teen Debit Card’s PIN, lock and unlock the card, look at the Teen Account’s list of friends, and stop users from interacting with the Teen Account.
“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,” says Erika Sanchez, VP and general manager, Venmo. “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.”
Starting in June 2023, the Venmo Teen Account will be offered to a small group of customers. It will then be made available to more people over time.
