Cash App is opening up its financial service to users under 18-years-old. As more financial services find ways to teach teens about managing / spending their money, Square’s Cash App will now allow people 13-to-17-years-old join its platform and open a Cash Card with parental oversight, opening up their U.S. audience by 20 million users according to the platform. A Cash Card is a debit card linked to a user’s Cash App account, and teens can access features like direct deposit, ATM cash withdrawal, and Boost rewards—the ability to earn discounts when people use their Cash Card at select retail locations. Bitcoin buying and selling, stock investing, or cross-border payments won’t be available to users under 18-years-old. The move comes as Gen Z is spending more than they did before the pandemic, with research from American Express reporting that Gen Z and Millennials spent more on their cards than they did in 2020 and during the third quarter of 2019. (eMarketer)
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