PayPal is a popular way to send and receive money online and is one of the most widely accepted payment platforms. However, their services are not available to the under-18s. Fortunately, several PayPal alternatives accommodate kids and young teens.
If you feel your child or young teen is ready for online financial freedom, here are some of the best PayPal account alternatives.
Prepaid Debit Cards
A prepaid debit card is a sound method dataset for those under 18 to own a debit card. It works similarly to a gift card but with no restrictions on where it can be used. It can be used to purchase items offline or online, including with Google Pay or Apple Pay.
How a Prepaid Debit Card Works
This is an ideal way to control spending, as there PayPal Alternatives is no risk of going into overdraft. The prepaid debit card is the perfect introduction to money management.
Here are some popular the introduction is very important prepaid debit cards for young teens.
GoHenry
GoHenry is a prepaid debit card design for parents and children. You can manage everything you need through a GoHenry online account, and your PayPal Alternatives child will have their login details to learn how to manage their money. You can use GoHenry to help b2b reviews teach your pre-teens or teens how to budget and develop an understanding of the differences between needs, wants, and wise spending.
Here are some of the GoHenry features and reasons for its popularity.
- It allows you to add a co-parent to your account to create boundaries, manage chores, and receive notifications.
- You can set up weekly allowance transfers.
- You can encourage your kid PayPal Alternatives to work for their money by setting up paid tasks.
- You and your child can set goals to track savings and work together to plan future purchases.
- You’ll receive notifications when your child uses their card and an alert if it gets decline.
- You can decide how much you want your kid to spend by setting spending controls.
Greenlight
Greenlight is another debit card an under-18-year-old child can use and can be open by investing as little as $1. The card provides many valuable features that assist parents in helping manage their kids’ finances. It’s Google Pay- and Apple Pay-compatible and has many other notable features.