Popular money sending app Venmo (a PayPal company) has been spotted testing a new debit card targeted at teens. Reverse engineer Jane Manchum Wong (@wongmjane) revealed the first signs of an upcoming card on Twitter that came from within the Venmo app. The prototype card in question is said to be called “Delegate” and would allow parents and guardians to manage a debit card’s funds for teens.
The image that leaked was an empty form titled “Enter your teen’s info”. However, what gives it away is the next line underneath that says “We’ll use this to set up the debit card”. The card would likely let adults manage funds and set limits for teens. Teens may also be able to check the card’s balance from their accounts.
Venmo is working on delegate debit cards “for your teens” pic.twitter.com/1xotOVln8Q
— Jane Manchun Wong (@wongmjane) February 24, 2020
TechCrunch reached out to Venmo about the hidden card and offered the following statement: “Venmo is constantly working to identify ways to refine and enhance the user experience. We frequently test product offerings to understand the value it could have for our users, and I don’t have anything further to share right now.”
Venmo is already a popular way for folks (youngsters included) to split restaurant bills. It seems that the business of app-connected debit cards for teens are in high demand as there are already a few offerings from Current, FamZoo, and Greenlight. Some apps charge annual fees for a teen debit card, so perhaps a no-fee version would do very well.