""Cash App has been serving teen accounts for a number of years, and we've seen through our customer base that there is just this desire to be able to bring kids into the experience earlier," said Kristen Anderson, group product lead for Core Networks at Cash App."
"The new facility allows children to learn about savings and savings goals, in conjunction with the app's allowance feature, which lets parents schedule automated transfers to their child's account."
"Once a user turns 13, they can gain access to a broader assortment of Cash App's services, which includes buying and selling bitcoin, and even trading stocks."
Cash App is launching a new program for children aged 6 to 12, allowing parents to create and manage financial accounts. These accounts will not be directly accessible to children but will include a debit card for spending. The accounts can receive P2P payments and earn interest. The initiative aims to teach financial responsibility and savings goals. Children can transition to their own accounts at age 13 with parental approval, gaining access to more services like trading stocks and bitcoin.
Read at TechCrunch
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