Having a credit or debit card is essential for, well, a lot of things. As we move forward to a digital world, online payments keep becoming more and more common. Cash is really just useful if you're buying something in person. Anything else? Fill in those 16 digits on the back of your card and hit that pay button. As such, if you're a teenager, you're probably excited about getting your very first debit card. It could come from a bank, or it could come from an online wallet, which are actually very similar to banks in functionality these days. Venmo wants to have the honor of being the first to issue you a debit card with your name on it.

As announced by Venmo owner PayPal, the service is now letting parents and legal guardians open a "Teen account" on the platform for their children. Teenagers between the ages of 13 to 17 years old will be able to send and receive money using the app, with parents being able to monitor transactions, educate their teens on healthy finances, and of course, send them money. These teenagers will also get a Venmo Teen Debit Card — a Mastercard Debit card like the ones adults can get, with no-fee cash withdrawals in select ATMs.

This will allow teenagers to spend money more effectively, without needing to borrow someone else's debit or credit card. It can also let them accept payments if they were to take any quick part-time gigs, such as mowing the grass of their neighbors. PayPal says some Venmo Teen accounts could even be eligible to receive direct ACH deposits like the adult accounts can, though it's not clear whether this will be an option for all teenage cardholders or just some of them meeting specific criteria.

Teen accounts will be available starting in June, and the option will be rolled out to everyone within the weeks following.

Venmo is far from the only service offering banking to minors. Most if not all the established banks offer accounts for teens that include debit cards, many of them coming without service fees. Venmo's speedy peer-to-peer transfers will certainly make it a great alternative to the big players, though.