Square Cash app available for teens

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Square has made its Cash app available to everyone from the age of 13, according to a report released Thursday, November 4 by Pocket Lint.

The app can be downloaded via a QR code from the Cash App website. Users are given a Visa Debit Cash card that can be used to make online and in-store purchases from the user’s Cash app balance, according to the company’s website. Activated cards can be added to the account holder’s Apple Pay or Google Pay.

Parents or guardians of minors must first log out of the account before they can set it up, according to the Cash App website. Once configured, the parent becomes the owner of the account and the teen is an authorized user, according to the website. Additionally, parents will be able to view a full record of transactions and transfers in monthly statements and can deactivate the account, according to the Cash App website.

The Cash app was previously only available to account holders 18 and over, according to the report. Teens can use the Cash app to send, request, and receive payments, perform peer-to-peer (P2P) transactions, and deposit funds, according to the Cash App website.

The Cash app is like Venmo, a P2P payment app with over 60 million active users. Last year, Venmo launched a similar contactless payment option, according to PYMNTS.

See more : Contactless payments continue to drive new waves of innovation

The move to contactless payment options is largely the result of the pandemic, but is here to stay, PYMNTS reported. For many, debit cards reign supreme as more and more consumers are reluctant to take on credit card debt.

About 1 in 6 consumers made their first contactless purchases in 2020, according to PYMNTS. And, nearly 9 in 10 of those first-time contactless payment users plan to continue using contactless payment options, according to a PYMNTS survey. About 9 in 10 people with bank accounts have opted for debit cards.

Related: Deep Dive: Why Debit is Driving the A2A Payments Expansion

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