In time for the holidays and as kids go back to school, PayPal focuses on teen buying with a new student account. PayPal, which is the third party only payment service from eBay Inc., has launched a student account service that lets parents establish a separate PayPal account for their teenage children, and set limits on their spending.
The new account system is designed to let parents use their mobile phones to check account balances, and transfer funds to a student account on either a single or recurring basis. Parents can establish up to four sub accounts for their teens, and receive cell phone alerts whenever a specified maximum balance is reached. And, of course, teens can check their student account balance and send a text message from the account asking Mom and Dad for more money.
"As a parent, I understand the challenge and stress of raising kids that are financially responsible," said Don Fotsch, PayPal VP of customer experience and design. He is also the parent of six children, ranging in age from 8 to 19. "With the Student Account, I know I can give my kids a level of financial independence, while remaining on top of their spending," he concluded.
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