Syed Imran Haider 
Venmo has recently introduced teen accounts with a debit card facility. The American mobile payment service targets young consumers and allows their parents or legal guardians to have a Venmo account to send and receive money with no monthly fee.
Young consumer accounts on the Venmo app also accompany a Teen Debit Card. Parents will have each Venmo Teen Account connected to their Venmo account for trouble-free management. However, the teen account and the parent account will have a separate balance from each other.
Parents can monitor transactions, send funds to their children, and manage privacy settings on the Venmo Teen Account. Likewise, the app allows teens to track their expenses on the platform and receive direct deposits. For instance, they can get an after-school work payment directly into their Venmo Teen Account.
Parents’ Monitoring of Venmo Teen Account
The American mobile payment service enables parents to monitor up to five separate Venmo accounts for their children from their Venmo accounts. They can decide if they want to let their teens access the Venmo app. They can see the balance and transaction history in the Venmo Teen Account and manage their Debit Card’s PIN code. Also, parents or legal guardians can review their teens’ friend lists, prohibit users from interacting with the Teen account, and lock or unlock the Teen Debit Card.
While you cannot block your adolescent’s payment, the app automatically notifies them when they receive any money.
On the other hand, Venmo does not let teens access some features of a standard Venmo account, including crypto. The company does not currently consider adding extra functionality to teens’ accounts like budgeting tools or savings accounts. Vice President & General Manager of Venmo, Ms. Erika Sanchez, says the company offers a natural place for adolescents to educate themselves about dealing with funds with responsibility. It considers eighty-six percent of Gen Z want to use a safe app to learn personal finance. The Venmo Teen Account lets parents or legal guardians give their teens some financial flexibility while making sure they keep parental control and visibility on their adolescents’ spending behaviors.
Getting Started with a Venmo Teen Account
You can have a Venmo Teen Account on your adolescent’s behalf through a simple sign-up process. On the ‘Me’ screen in the Venmo app, tap their name in the top corner, and then choose “a teen account” from the given menu. You can pick a color for your Teen Debit Card and insert information regarding your adolescents, such as their name, address, and dates of birth. Venmo appears to have planned the launch of the teen account for quite some time. In 2020, Venmo said it would launch adult users to get a debit card for their teens connected with their Venmo account.
According to Venmo, a research report confirms that more than 45 percent of Gen Z want to educate themselves about personal finance by chatting with an adult. Likewise, over fifty percent of parents or legal guardians require an app to teach their teens about money management. Venmo Teen Debit Account and Debit Card can be handy for parents and teens in building money management skills together.
