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Published: Nov 04, 2021 5 min read
Young Teen Holding Smart Phone With Cash App Logo On Screen
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"Cash is king"? OK, boomer. Virtual payments are the gold standard these days — and teenagers just got a new way to join in on the trend.

Mobile payment service Cash App announced Wednesday that it's opening up access in the United States to younger users. People age 13 and up can now open a Cash App account that allows them to send (and receive) money to (and from) peers, among other features. They can also request a physical debit card for use IRL.

Until now, Cash App users had to be 18 or older.

Parental authorization is required for the teen accounts, and there are certain restrictions, of course. But Cash App tells Money the move is intended to bring younger consumers into the equation as personal finance increasingly goes digital — to "help level the playing field and equip teens with the tools they need to participate in the economy."

The Square-owned service isn't the only company catering to a younger audience. Greenlight is built around letting parents oversee their kids' debit cards, from encouraging them to save to controlling which stores they can shop at. Step allows teens to open fee-free bank accounts and get a secured Step Card with the support of an adult sponsor.