PayPal Holdings Inc (NASDAQ:PYPL) shares are trading higher. The payment solutions company introduced teen accounts for Venmo Monday morning.
What To Know: The newly announced Venmo Teen Account gives parents and legal guardians the ability to open accounts for teenagers between the ages of 13 to 17, enabling them to send and receive money. Venmo will also offer a Teen Debit Card with the account.
Parents will be able to monitor transactions, manage privacy settings and send money to their teens. The new product also aims to help start discussions about personal finance between parents in an effort to help them build money management skills together.
“Venmo is a natural place for teens to learn how to engage with money responsibly, especially considering 86% of Gen Z are interested in using an app to learn about personal finance,” said Erika Sanchez, vice president and general manager of Venmo.
Bernstein analyst Harshita Rawat maintained PayPal with a Market Perform rating and lowered the price target from $85 to $70.
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PYPL Price Action: PayPal has a 52-week high of $103.02 and a 52-week low of $60.40.
The stock was up 3.04% at $62.78 at the time of writing, according to Benzinga Pro.
Photo: courtesy of PayPal.
