Venmo, the popular mobile payment app, announced that it will launch Teen accounts. The new accounts will allow parents to give their teens a way to send and receive money directly from the Venmo app. Furthermore, parents will be able to maintain control over their spending. The company states that teens aged 13-17 are eligible for accounts, hoping they learn money management through the Venmo app. Erika Sanchez, Vice President of Venmo, describes why the company wants to venture into teen finance: .stk-ec04221{box-shadow:0 0 0 2px rgba(120,120,120,0.1) !important}.stk-ec04221-container{background-color:#f3f3f3 !important}.stk-ec04221-container:before{background-color:#f3f3f3 !important} .stk-fff85bd{margin-left:-20px !important}.stk-fff85bd .stk–svg-wrapper .stk–inner-svg svg:last-child{opacity:0.7 !important}.stk-fff85bd .stk–svg-wrapper .stk–inner-svg svg:last-child,.stk-fff85bd .stk–svg-wrapper .stk–inner-svg svg:last-child :is(g,path,rect,polygon,ellipse){fill:var(–stk-global-color-56583,#911d9c) !important} .stk-75422ff{margin-left:-17px !important}.stk-75422ff .stk-block-text__text{font-size:16px !important;font-weight:300 !important;font-style:normal !important;font-family:”Golos Text”,Sans-serif !important}@media screen and (max-width:1023px){.stk-75422ff .stk-block-text__text{font-size:16px !important}}“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 finance.” Image: Venmo Venmo has also confirmed additional details about the service: An adult must link their account to a teen account The linked adult account can set spending limits, approve or deny transactions, and view their teen’s transaction history The linked account can also edit Privacy settings for friends lists and transaction history. Additionally, the linked adult account can also edit security information like PINs Mastercard issues the debit card There are no monthly fees, and in-network ATM withdrawals are free The teen account will allow direct deposit Additionally, teens that use this service can also access financial education resources that will help…Venmo teen accounts offer debit cards for ages 13+