Introducing the Venmo Teen Account

Digital Reinvention
30/05/2023 News

Venmo introduced the Venmo Teen Account, providing parents and legal guardians the ability to open a Venmo account for their teenagers between the ages of 13 to 17-years-old so they can send and receive money. The Venmo Teen Account also comes with a Venmo Teen Debit Card. For the first time, the Venmo Teen Account gives teenagers a way to engage with and learn more about managing money through the Venmo app. The Venmo Teen Account will allow parents to monitor transactions, manage privacy settings, send money to their teen, and will help parents to educate their teens on creating healthy money habits.

Research shows that over 45% of Gen Z prefer to have a conversation with an adult to learn about personal finance, and over 50% of parents are interested in using an app to help their children learn about money management. With the Venmo app and the Teen Debit Card, the Venmo Teen Account helps start discussions about personal finances between parents and teens and gives them more ways to engage with one another and build money management skills together.

"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 finance2," said Erika Sanchez, Vice President 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."

What Parents and Teens Will Love About the Venmo Teen Account:
Each Venmo Teen Account is connected to and managed by a parent's personal Venmo account and provides parents with essential parental controls and oversight of the activity on their Venmo Teen Account. The Venmo Teen Account privacy settings, including payments and friends lists, will be set to private by default, and parents will be able to view their teen's transactions and friends list. Only the parent can change the Venmo Teen Account's privacy settings. 

• Convenient: The Venmo Teen Account has no monthly fees and offers no-fee cash withdrawals at participating ATMs through the Venmo Teen Debit Card. Parents sign up their teen for a Teen Debit Card, which is linked to the Venmo Teen Account balance, and can choose to grant the teen access to the Venmo app.

• 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. Parental controls include the ability to view the Venmo Teen Account's balance and transaction history, manage the Teen Debit Card's PIN, lock and unlock the debit card, review a Teen Account's friends list, and block users from interacting with the Teen Account.

• Empowering: The Venmo Teen Account has a separate balance from the parent's personal Venmo account and comes with a teen's own debit card in a range of colors and designs. Teens can track their own spending in the Venmo app, which helps teach financial responsibility and understanding, and Venmo Teen Accounts may be eligible to receive Direct Deposit, enabling funds to be paid directly into the Venmo Teen Account from an after-school job, for example.

Related news & insights

24/06/2024 News

Revolut launches Pan-European loyalty program: RevPoints

This program allows Revolut customers to earn points on their everyday spending, which can be redeemed for rewards such as...

Digital Reinvention
24/06/2024 News

Commonwealth Bank of Australia launches CommBank Smart Health for Pharmacies

Developed in collaboration with Scrypt Ventures, this innovative omni-channel solution aims to enhance how patients pay for their medications and...

Digital Reinvention
22/06/2024 News

OCBC Securities launches Singapore’s first AI stock-picker to triple young investors

A.I. Oscar predicts stock price movements and generates personalized stock ideas. Following a successful pilot from October 2023 to April...

21/06/2024 Interview

NewTech Friday: Bluezone Insurance – Improving the lives of people with chronic health conditions

Karan Mehta, Founder & CEO at Bluezone Insurance, tells Qorus' Boris Plantier about his company, a specialist life insurance provider...

20/06/2024 Interview

SWINZ: Award-winning insurtech giving insurance 'back to the people'

Didier Muréna is the co-founder of SWINZ. He won silver at the Qorus Innovation in Insurance Awards 2024 in the...

SME Banking
20/06/2024 News

Societe Generale to sell subsidiary Shine to Ageras

This strategic move is part of Societe Generale's effort to streamline its operations and concentrate on its core retail banking...

20/06/2024 News

Superbank expands banking access to millions of Grab users and partners in Indonesia

This partnership allows millions of Grab users and partners to open accounts, save money, and use these accounts for payments...

19/06/2024 News

HSBC unveils new wealth centre to enhance client experience

This centre is the first of three that HSBC plans to establish in Singapore by Q1 2025, as part of...