technology.am (Aug. 12, 2009) — The online pay service PayPal announced the launch of a new account type called Student Account. This service is only available in the United States. This Student Account is a sub-account set up by parents that gives teens their own purchasing power.
The newly launched Student Account is a safer and easier method for teenagers to make online payments and it also offers parents a wide range of supervising possibilities. This service reduces the hassle that both parents and teens go through every day when exchanging money.
With the Student Account, the youngsters and of their parents will obviously be linked, so the latter can constantly monitor the former’s financial balance, budgeting skills and spending habits.
Parents will be able to set up to four PayPal sub-accounts for each of their teenagers, and can transfer money to these accounts whenever it is necessary.
An adult can apply permissions for each teen to specify the way a certain account can be used, or parents’ approval may be required whenever the teen receives money through the account.
Parents can transfer money to their kids’ accounts in “allowance mode” or “on-demand.” Requests for money from kids can be sent by text on cellphones and transfers are automatic performed once mom or dad approves.
Just like any PayPal account, users will be able to shop online without disclosing any personal or financial data about themselves.