eBay-owned PayPal has launched a new way for teenagers to shop online with PayPal and in stores with the “Student Card,” part of the “Student Account.” The account comes with a number of capabilities for parental monitoring.
Features include:
– Permissions: Parents can set permissions for individual teens to designate how the account can be used. They can also require that their approval is required when a teen receives money in the account.
– Mobile Features: Parents can use their mobile phones to check account balances and transfer money to their teens’ account. Additionally, teens can check their account balance and easily request money from their parents via simple text message.
– Alerts: Parents can receive alerts notifying them when their teens’ payments exceed a certain amount or when a specified low balance is reached.
– Built-in security: As with all PayPal accounts, the Student Account allows teens to shop online without exposing any financial information.
“As a parent I understand the challenge and stress of raising kids that are financially responsible,” says Don Fotsch, PayPal vice president of customer experience and design and parent of six, ranging in age from 8 to 19. “With the Student Account, I know I can give my kids a level of financial independence while remaining on top of my kids’ spending.”
Parents have full visibility on the account, and can establish up to four PayPal sub-accounts and transfer funds as needed on a one-time or recurring basis. PayPal giving account holders some back-to-school savings opportunities as well.
