Venmo Launches Program Geared Towards Teens

Venmo has launched a new program that will allow teens to have their very own account. Starting next month, parents and guardians of kids between the ages of 13 to 17 years old will be able to open a Venmo Teen Account to send and receive money, Fox Business reported.

The account comes with a Venmo Teen Debit Card and parents or legal guardians will be highly involved. Paypal, Venmo’s parent company, said that parents or legal guardians will have the ability to monitor their teen’s transactions, manage privacy settings and send money to them. This includes the ability to review their friends list and block users from interacting with the account.

The company created the program as a way to teach kids the importance of managing money while still being under parental supervision. “Venmo is a natural place for teens to learn how to engage with money responsibly,” said Venmo’s vice president and general manager, Erika Sanchez.

According to Fox Business, there are no-fee cash withdrawals at participating ATMs through the Venmo debit card for the new teen account as well as no monthly fees.