Teenagers can finally make and receive virtual payments, joining in on the digital trend that's becoming increasingly popular among older folk.
That's thanks to Square, which is making Cash App available to teenagers—with some restrictions, of course. But what are some of the restrictions Square has placed on teens using Cash App? Keep reading to find out.
Square Is Allowing Teens to Use Cash App
Square is now allowing all teenagers to use Cash App, provided they have permission from a parent or guardian if they are between the ages of 13 and 17.
Up until now, Cash App has only been available to adults aged 18 and older. Now younger teens can use it with parental oversight. That means that parents or guardians who authorize Cash App for their kids are the account's legal owners and the teens are considered to be authorized users.
Parents can review their teen's monthly activity through statements, and also pause or cancel the teen's account and Cash Card at any time.
Teens can send and receive money to and from each other, receive discounts on some purchases, as well as use their Cash Card to pay for goods at selected businesses. They can add the Cash Card to Apple Pay or Google Pay, and they'll receive a physical version of the card as well.
To request access to the app, teens will need to enter their parent or guardian's information when they're signing up for a card or sending a peer-to-peer payment from their account. Cash App will then contact the teen's parent or guardian for approval.
What Teens Can Do With Cash App
The Cash Card, which is essentially a Visa debit card tied to the teen's Cash App account, can be personalized using the Cash App mobile app.
Teens, like other users, can customize their cards by choosing a color, adding stamps, drawing on it, or even making it glow in the dark. The standard card comes 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 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 ATM access at a $2 fee, as well as support for paycheck direct deposit.
What Teens Can't Do With Cash App
As with any product or service that's designed for kids and teenagers, Square has placed some restrictions on accounts for teens under the age of 18.
Teens will not have access to some parts of the app or be able to use some services on their accounts. These include trading bitcoin as well as accessing the Investing, Borrow, Check Deposit, Paper Money Deposit, and Cross-Border Payments features.
They'll also be limited as to the types of businesses they can use their Cash Card at. For instance, teens can't use their Cash Card at bars, clubs, casinos, liquor stores, cigar stores, car rental places, hotels, and the like.
Cash App's Parental Oversight Will Help to Keep Teens Safe
In making Cash App available to teenagers, the company is accessing a whole new market. Because that market is a younger one, that comes with certain responsibilities.
While it is a legal requirement to get parents to provide oversight for kids under the age of 18, this helps to keep them safe.
Parents can monitor their kids' activity to ensure that they are not getting involved in anything that may be potentially harmful, which is essential for teens using services online.