Cash App, the banking and payments platform by Block, has introduced parent-managed accounts for children aged 6 to 12. This initiative is part of the 'expanded Cash App Families experience' designed to teach financial literacy. Parents can create accounts that allow them to manage their child's spending, set up recurring allowances, and track savings. Children will receive a custom debit card and can receive payments from up to five trusted accounts, although they won't have direct access to the Cash App itself. When children turn 13, parents can convert these accounts into 'sponsored accounts', granting more features such as sending and receiving payments, investing in stocks, or trading cryptocurrency, while still maintaining parental oversight. This move positions Cash App to attract a younger demographic, competing with similar offerings from Venmo, Apple Cash Family, and Google Wallet.