Venmo is introducing a new service that allows parents to open a Venmo account for children between the ages of 13-17 to send and receive money via the app. Venmo Teen accounts also come with a debit card and controls for parents to monitor transactions and manage their child’s privacy settings — important because Venmo has been routinely criticized for its lack of privacy protections in the past.
Parents or legal guardians must sign up for a Venmo Teen account on behalf of their children. Each Venmo Teen account is connected to the parent’s personal Venmo account, which allows guardians to send money to their teen, monitor their account balance and transactions, and manage their privacy settings. Up to five Venmo Teen accounts can be…
