PayPal-owned payments platform Venmo has launched an account for teens.

Venmo Teen Account can be opened by parents or guardians on behalf of teens aged between 13 and 17 and used to send and receive money.

The new account also provides teen users with a Venmo Teen Debit Card.

Venmo said the account includes a range of oversight features, including the ability for parents or guardians to monitor transactions and manage privacy settings.

The company views its new offering as a way for teens to engage with money responsibly and to develop a degree of financial literacy.

"Venmo is a natural place for teens to learn how to engage with money responsibly, especially considering 86 per cent of Gen Z are interested in using an app to learn about personal finance," said Erika Sanchez, vice president and general manager at Venmo. "For parents or legal guardians, the Venmo Teen Account allows them to give some financial flexibility to their teens, while giving them parental controls and visibility into their teen's spending habits."

Which? recently revealed that Brits are losing thousands to fraud scams, with many originating via PayPal.

The consumer champion warned that PayPal scams start with a request for money sent from a genuine PayPal email address.

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