Square has opened up its Cash App to teens, by announcing that people over 13 years old can use the app to spend or send money to friends.
The app, which was previously only available to people aged 18 or older, directly competes with Venmo, which doesn't allow people under 18 to use its service. Minors who use the Cash App still need to get their parent or guardians' permission to use the app, and they won't have access to everything Cash App does, including the ability to invest or use Bitcoin.
Square also said teens can't deposit checks.Â
The key feature teens will probably love, and get to use, is peer-to-peer transactions. If they need to split the cost of a pizza with friends, they can just use the Cash App to send them money. They also get a customisable debit card they can use at stores, as well as support for Apple Pay and Google Pay.
Square said parents and guardians can see every transaction and transfer through monthly statements. Parents and guardians can also deactivate their teen's Cash Card Visa debit card and Cash App account at any time by contacting support.
Keep in mind Cash App isn't the only service out there that offers online banking or payment services to 13-year-olds. Apple Cash, for instance, allows teen users through a family option. But Cash App is still notable because it's popular and owned by Square, which Jack Dorsey co-founded along with Twitter.
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