As technology continues to make our lives simpler and more organized, it also keeps us better connected to the people around us. This privilege seems more the norm for teens that never experienced life any other way.
The ubiquitous smart phone and its many functions can seem like an unregulated — and perhaps even dangerous — gateway to the vast and abstract entity we call the Internet to a generation that vividly remembers a world where dial up modems dictated the online experience.
The line in the sand seems to be drawn particularly heavy on the topic of money transfer app technology. While Gen Z’ers and the majority of Millennials are very comfortable paying and receiving money via apps that are connected to bank accounts and/or credit cards like Venmo or Square Cash, older generations don’t trust the process, citing potential security hazards.
Are Money Transfer Apps Safe for Teens?
The short answer is yes. But like anything, both online and in the real world, nothing is 100% secure. You could have your account hacked just as easily as you could have your wallet stolen. At least a money transfer app has some safeguards in place to prevent this type of online mugging. The trick is making sure you enable all the security features. Doing that plus watching your transactions closely and keeping the number of connected devices to your account low can mitigate the potential risk.
Which app is the best for my teen?
Depends on the teen. PayPal is a well-established platform that operates with 25 different currencies and utilizes a two-factor authentication system, helping to make it one of the safest. It is essentially an online bank more than a service to strictly route money. Venmo is run by PayPal but is a faster, simpler, more social version. It includes a feed of activity among Venmo users complete with emojis. Teens prefer this platform because of its fun Facebook-like usability. Then there’s Square Cash, which functions in much the same way as Venmo but allows users to receive payments from non-Square Cash users by creating a unique and anonymous $Cashtag.
What about Facebook?
Facebook also provides a money transfer option through its Messenger app, and since many people are already logged on to Facebook over the course of a day, it stands to reason that their version will begin to gain popularity. Facebook is very stringent with its security measures, so there’s not much to worry about in terms of security.
Make sure to weigh out the pro’s and con’s with your teen before they decide to use one of these money transfer services. These services should be used with just as much caution as they would use to protect a wad of money in their back pocket.