Teens can finally make and receive virtual payments, joining the digital trend that is becoming more and more popular among the elderly.
That’s thanks to Square, which makes Cash App available to teens, with some restrictions, of course. But what are some of the restrictions Square has placed on teens using the Cash App? Read on to find out.
Square allows teens to use the Cash app
Square now allows all teens to use the Cash App, provided they have permission from a parent or guardian if they are between 13 and 17 years old.
Until now, Cash App was only available to adults aged 18 and over. Now, younger teens can use it under parental supervision. This means that the parents or guardians who authorize Cash App for their children are the legal owners of the account and the teenagers are considered authorized users.
Parents can view their teen’s monthly activity through statements, and also suspend or cancel the teen’s account and Cash card at any time.
Teens can send and receive money to each other, receive discounts on certain purchases, as well as use their Cash Card to pay for merchandise at selected businesses. They can add the Cash card to Apple Pay or Google Pay, and they will also receive a physical version of the card.
To request access to the app, teens will need to enter their parent or guardian information when signing up for a card or sending a peer-to-peer payment from their account. Cash App will then contact the teenager’s parent or guardian for approval.
What teens can do with the Cash app
The Cash card, which is basically a Visa debit card linked to the teenager’s Cash App account, can be personalized using the Cash App mobile app.
Teens, like other users, can personalize their cards by choosing a color, adding stamps, drawing on it, or even glowing it in the dark. The standard card is available in black or white, while custom cards like the Glow in the Dark version can be purchased for $ 5.
Teens can send and receive peer-to-peer payments with their friends and family, or any other Cash App user. As with other Cash App users, teens can also spend their rewards at top retailers, have access to an ATM for a fee of $ 2, as well as support for direct deposit of paychecks.
What teens can’t do with the Cash app
As with any product or service designed for children and teens, Square has imposed certain restrictions on accounts for teens under the age of 18.
Teens will not be able to access certain parts of the app or be able to use certain services on their accounts. These include bitcoin trading as well as access to the features of investing, borrowing, depositing checks, depositing paper money, and cross-border payments.
They will also be limited in the types of businesses in which they can use their payment card. For example, teens cannot use their Cash Card in bars, clubs, casinos, liquor stores, cigar shops, car rental locations, hotels, etc.
Parental Monitoring from Cash App will help keep teens safe
By making Cash App available to teens, the company is entering a whole new market. Because this market is younger, that comes with certain responsibilities.
Although the law requires parents to supervise children under the age of 18, it helps keep them safe.
Parents can monitor their children’s activity to make sure they don’t get involved in anything that can be potentially dangerous, which is essential for teens using online services.
Looking to send money to a friend? Here’s how to choose between Cash App or Venmo.
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