Venmo Is Likely to Roll Out a Debit Card for Teens
Venmo, a PayPal’s subsidiary company, is expected to launch a new teen feature for its tap-to-pay debit card. Information about this appeared recently and has not yet been fully confirmed. A Venmo spokesperson’s comment was quite concise: “Venmo is constantly working to identify ways to refine and enhance the user experience. We frequently test product offerings to understand the value it could have for our users, and I don’t have anything further to share right now.”
Such rumors are not accidental. Debit cards for minors are gaining popularity, and such companies as Greenlight, gohenry, FamZoo, Revolut, and Step, are also developing or have already launched cards for teenagers. Indeed, the option may become a good catch for new and current applicants, since it can allow them to save on charges for an additional card if issued separately and train kids to handle money responsibly.
The Venmo Mastercard, issued by The Bancorp Bank, currently offers customers the absence of fees for purchases and eligible cash withdrawals. It gives an opportunity to quickly share and split payments with friends and family members. The account is easily managed through a mobile app. All the purchases are tracked and kept in one place, and automatically earn Venmo Rewards.
Most of the existing debit cards for kids are tied to an app for smartphones where parents can set limits and spending rules as well as see real-time notifications and more. Some of such cards even let teens choose a design with a photo or any other picture on the cover. It’s highly probable that the Venmo offer’s characteristics will be similar.
This year Venmo also plans to start issuing its first credit card in cooperation with Synchrony Financial, which already had a partnership experience with PayPal. This was announced back in October 2019 and is going to be put into effect in the second half of 2020.
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