"Cash App's new parent-managed accounts provide a dedicated platform for parents to send allowances, set aside savings, and track their child's spending, promoting financial independence from a young age."
"Kids will receive a custom debit card and can accept payments from up to five trusted accounts, although they will not have direct access to Cash App itself."
"Once children turn 13, parents can convert their accounts to sponsored accounts, unlocking features like sending and receiving payments, investing in stocks, or trading crypto."
"Cash App aims to reach a younger audience than competitors, as Venmo recently allowed access for teens aged 13 to 17, while Apple and Google have their own kids accounts."
Cash App has launched parent-managed accounts for children aged 6 to 12, aimed at fostering financial literacy. These accounts allow parents to send allowances, set savings, and monitor spending. Kids receive a custom debit card and can accept payments from trusted accounts, but cannot access Cash App directly. Upon turning 13, accounts can be converted to sponsored accounts, granting more features while still under parental control. This initiative targets a younger demographic compared to competitors like Venmo, Apple, and Google, which have similar offerings for older teens.
Read at Engadget
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