Teens and families can learn more through the dedicated website, cash.app/13+. The Cash App for teens is available starting today across iOS and Android in the U.S. But what Cash App may have going for it is that its app is not just a "teen banking service" - it's an app that users can continue to use even when they age up. The mobile banking market has seen a number of entrants in recent years developing solutions aimed at addressing the needs of teenage users and their families, like Greenlight, Step, Current, Revolut, Till Financial, Go Henry and others outside the U.S. However, Cash App won't be without its competition. Now, by opening up to a new teenage userbase, Cash App could close that gap even further. This growth has put Cash App within striking distance of Venmo, which as of its most recent report had 76 million users. In 2021, it generated a gross profit of $546 million, up 94% year-over-year. The company's growth also benefitted from the broader shift to digital payments that took place during the pandemic and its support for accepting users' COVID stimulus checks and unemployment benefits. via the September launch of Cash App Pay, a Cash App-based checkout experience for Square merchants. Today, it counts 70 million annual transacting customers and, recently, introduced tighter integrations with parent company Square, Inc. The expansion comes at a time when Cash App has become one of the fastest-growing digital payments apps in the U.S. In Cash App's case, younger teens can't use the card at bars and clubs, liquor stores, cigar stores, hotels or other lodgings, or for lottery tickets, casinos or gambling, bail and bond payments, or car rentals. Like some other banking services aimed at teens, there are also restrictions about where Cash Card can be used, based on merchant categories. tactics, and delivery timelines for all Cash App features and products. Enter the amount you want to add to your Cash App. Cash App now offers not only P2P, but also a free debit card, instant spending. A box with your wallet number should appear on screen. Locate the small box with the dollar sign next to your name. They'll also be able to pause or cancel the teen's account and Cash Card at any time. If you want to add funds to your Cash App card follow these steps: -First, open the Cash App app on your phone. Parents who authorize Cash App for their kids are the account's legal owner and will be able to review their teen's monthly activity through Statements. The teens' accounts are designed to be managed with parental oversight. Other features limited to users 18 and up include Borrow, Check Deposit, Paper Money Deposit and cross-border payments. However, teens will not be able to access either Bitcoin or stock investing at this time, the company notes. Other features also mirror the existing version of Cash App, including access to spending rewards at top retailers, ATM access with a $2 fee and support for paycheck direct deposit. In addition, teens will be able to send and receive peer-to-peer payments with family and friends, or anyone else on Cash App's network of over 40 million monthly active users.
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