Paypal, the muscle behind the online auction giant eBay, has been one of the foremost means of transferring funds from one person to another over the Internet. Now Paypal is branching out from the normal fare and taking on youth accounts in a manner that should appeal to all the lazy parents looking to waste piles of money on their greedy youths.
Perhaps condemning the closed beta program so early after its inception is a bit unfair. If Paypal can pull off the new program, called the Paypal Student Account, parents will have a convenient way to regulate the spending and accounts of their young ones.
According to the New York Times Bits blog, the new program currently being tested will allow parents to create four additional counts linked to an original master account. Parents can then distribute funds into each account, monitor the spending habits of their kids, and put a hold on each account whenever they like.
On the children’s end, they can spend as they like while their parents receive text or email notifications of how the their money is being spent. Paypal has even made it easy for the non-confrontational kids to petition the ‘rents for money; at the click of a button, children can send text or email requests for more money to their parents. Convenient, right?
I certainly think it is. But, even for the convenience of it all, I can’t help but feel a bit disgusted. Perhaps I’m wallowing in self-pity for never having anything like the instantaneous gratification that kids participating in such a program have. Without projecting myself as some sort of good ole’ boy, I grew up talking to my parents in person if I wanted to be denied spending money. The nervousness and buildup to certain disappoint made it a rush, truly.
Paypal is making a good move by introducing this program, no matter how much it pains me to say it. Banking groups like USAA have had similar programs in place for some time, and they have been very successful. If anything, they are successful in that mom and dad don’t have to move after a long day to reach into a purse or drawer stash to withdraw a crisp $20 … they can just sit comfortably in front of primetime television and wire it over from a Blackberry or laptop.
No word yet as to when the new program will be available, but be sure you’ll hear about it if you have a Paypal account when it comes available, and who doesn’t have a Paypal account these days?