Payment apps are providing growing room for teens to establish financial freedom. 

Payment apps are providing growing room for teens to establish financial freedom. Companies like Uber, Amazon, and Venmo are giving Gen Z a financial “rite of passage” with access to teen accounts supervised by parents. The wiggle room that these accounts provide act as a “learner’s permit” for teens to learn the ropes of being financially responsible but are still under the safety and supervision of their family. But the teen accounts that companies like Venmo and Cash App promote aren’t just for the next gen of spenders’ benefit—it is also a strategy “for tech companies to attract younger customers and retain them into adulthood,” according to a fintech product management director. YPulse’s Fintech report data shows that a quarter of Gen Z use Venmo and well over a third (38%) use Cash App. (WSJ)