Square has made its Cash App available to everyone aged 13 and up, according to a Thursday (Nov. 4) press release.
The app can be downloaded via a QR code on the Cash App website. Users receive a Visa debit Cash Card which can be used to make purchases online and in-store from the user’s Cash App balance, according to the company’s website. Activated cards can be added to the account holder’s Apple Pay or Google Pay.
Parents or guardians of minors must first sign off on the account before it can be set up, according to the Cash App website. Once set up, the parent becomes the account owner and the teen is an authorized user, according to the website. In addition, parents will be able to view a full record of transactions and transfers in the monthly statements and can deactivate the account, according to the Cash App website.
The Cash App had previously been restricted to account holders 18 and up, according to the report. Teens can use the Cash App to send, request and receive payments, to make peer-to-peer (P2P) transactions and to deposit funds, according to the Cash App website.
The Cash App is like Venmo, a P2P payments app with more than 60 million active users. Last year Venmo launched a similar contactless payment option, according to PYMNTS.
See more: Contactless Payments Continue to Drive New Waves of Innovation
The shift to contactless payment options is largely a result of the pandemic but is here to stay, PYMNTS has reported. For many, debit cards are king, as more consumers become wary of running up credit card debt.
About 1 in 6 consumers made their first contactless purchases in 2020, according to PYMNTS. And, almost 9 in 10 of those first-time contactless payment users intend to continue using contactless payment options, according to a PYMNTS survey. Roughly 9 in 10 with bank accounts opted for debit cards.
Related: Deep Dive: Why Debit Is Driving the A2A Payments Expansion
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