Do you Venmo? Teenagers reimbursing friends for burgers or gas might now use Venmo’s digital wallet. The mobile app is expanding to an age group ready to adopt it—if teens haven’t already.
With more than 90 million users, Venmo is a popular way to send money. The app launched in 2009. It was a quick and easy way to split costs for meals, movies, or concerts. But Venmo offers more than easy payments. It makes the process social.
The fun comes in the note area. There, a user can simply name the item he or she is paying for (booorring) or identify it using emojis (fun!). Who doesn’t love a reminder of yesterday’s 🌶🐔🥵?
As some physical stores stop accepting cash, Venmo is expanding to a younger crowd by launching its Venmo Teen Account. Currently, one must be at least 18 years of age to use Venmo. But Venmo officials estimate teen accounts could generate 25 million new customers!
Venmo Teen will be available for 13- to 17-year-olds. Parents can monitor transactions, adjust privacy settings, and move money to their teenagers’ accounts. Perhaps most notably, parents can view whom the teen is sending money to and receiving it from.
Using Venmo may not be new to some teens. Despite the rules, many parents set up accounts for their kids through their own accounts.
The teen product comes as politicians and regulators scrutinize social apps for privacy and safety.
Venmo’s privacy concerns mainly focus on information anyone can access, such as names, contacts, and purchase habits. Tech journalist Jess Weatherbed writes, “Venmo has given plenty for parents to be concerned about.” She cites a 2022 study that “two in five Venmo users have exposed their own personal information on the platform.”
Venmo’s privacy statement for teens says, in part, “We may disclose your information or data with other parties. Depending on the settings . . . your information or data might be seen by your friends, friends of the other party to the transaction, or the public.”
A main problem involves access to information in Venmo’s friend lists. Last May, journalists searched for President Joe Biden on Venmo. They quickly formed a list of the Commander-in-Chief’s family members, staffers, friends—and their friends too. Imagine that info in the hands of spies or terrorists: not the security you want for your nation’s leader or yourself.
Venmo says it’s “committed to providing a safe, secure, and all around great service.” But whether those efforts truly protect teens remains to be seen.
The Lord will be your confidence. — Proverbs 3:26
Why? Technology and social media are ever with us. Learning to change with the times and yet practice wisdom in our dealings is good stewardship.
