NEW YORK—Children’s allowances are increasingly going digital.
Venmo has been prototyping a new feature that would allow adult users to create for their teenage children a debit card connected to their account, Tech Crunch reported.
“That could potentially let parents set spending notifications and limits while giving kids more flexibility in urgent situations than a few dollars stuffed in a pocket,” Tech Crunch said.
“Delving into children's banking could establish a new reason for adults to sign up for Venmo, get them saving more in Venmo debit accounts where the company can earn interest on the cash and drive purchase frequency that racks up interchange fees for Venmo's owner PayPal,” Tech Crunch added.’’’