Venmo has launched the Venmo Teen Account, providing teens ages 13 to 17 with an alternative to send and receive money. The account comes with parental controls and a debit card linked to the Venmo balance.
The Venmo Teen Account gives teenagers a way to manage money while learning healthy habits through the Venmo app. Parents can monitor transactions, set privacy settings, send money to their children, and provide financial education.
Research shows that teens prefer to learn about finances from an adult while parents want an app that helps them teach their kids financial skills. Venmo hopes to start discussions between parents and teens to build money management skills together.
“Venmo is a natural place for teens to learn responsible money engagement,” said Erika Sanchez, Vice President at Venmo. The Teen Account gives parents flexibility and lets them monitor spending.
Parents can manage the account from their Venmo app. They can view transactions and friends, change settings, and control the teen’s debit card. The debit card comes in different colors and has no fees. Teens can track their spending to learn responsibility.
The Venmo Teen Account is rolling out in June 2023. Parents can sign up their teen from the “Me” screen within the Venmo app.
Users Can Now Transfer Their Crypto to Friends and Relatives on the App
On 28 April, Venmo expanded its crypto services by offering the possibility of transferring digital assets to friends and family on Venmo or PayPal, and to external wallets, and exchanges.
These transfers will make it easier for customers to move and manage their crypto holdings by connecting them to the broader crypto ecosystem. This follows Venmo’s 2021 introduction of the option to buy, hold, and sell crypto within its app.
More than half of Venmo crypto customers choose it for the safety, security, and ease of use. Over the past year, most (over 74%) have continued to hold their crypto balance on Venmo while nearly 50% of the platform’s customers with existing crypto have added to their crypto holdings this year.
To transfer crypto on Venmo, customers can turn to the Crypto tab, view their coins, tap the Transfer arrows, and choose to Send crypto to either a Venmo account or enter an external crypto wallet address to transfer to PayPal or another wallet. Customers can also share a QR code to Receive crypto from either their other wallets or third parties.
Crypto transfers cannot be cancelled, so customers should double-check recipient details carefully.
Venmo aims to continue expanding crypto products and services this year to provide secure and easy crypto experiences for its community. Crypto transfers will be available for Venmo customers this month.
Some Statistics About Venmo
Venmo is a company owned by PayPal. It was originally acquired by Braintree for $26.2 million and became a part of the digital payments giant’s portfolio of platforms in 2013 when PayPal bought Braintree for $800 million.
Details about Venmo’s user base, financial performance, and key operating metrics are not typically disclosed by PayPal. In the last quarterly earnings report from the tech company, the management shared that Venmo’s total payments volume (TPV) grew by 9% compared to the same period a year ago to $62.7 billion.
The TPV of PayPal’s peer-to-peer payments platforms, which include PayPal, Venmo, and Xoom stood at $91 billion and accounted for 26% of the firm’s total TPVs as of this period. This means that Venmo alone was responsible for bringing almost a fifth of the company’s TPVs during this period.
According to statistics from Business of Apps, Venmo is used by 78 million people worldwide as of 2022 although the majority of its users are based in the United States. Its user base has been growing rapidly in the past 7 years as the app only had 3 million users back in 2015.
Other Related Articles: