This new feature allows teens to send and receive money via the Venmo app, while also providing parents with greater control over their child’s finances. Parents can monitor their child’s spending habits and teach them about responsible spending and budgeting by setting spending limits and tracking transaction history.
Although still with parent oversight, teen accounts are considered separate and have a separate balance from the parent’s personal Venmo account. Additionally, teen accounts come with their own debit cards, so there won’t be a need to share a parent’s credit card number anymore.
Teens will also be able to track their own spending in the Venmo app and send and receive money among family and friends. Parents will have the power to view their teen’s balance, transaction history, and manage all aspects of the debit card.