At what age is it safe for minors to use a digital wallet?

The rise of digital wallets has changed the way millions of people manage their money. In Latin America and other regions, apps like Mercado Pago, PayPal, Google Wallet, and Apple Pay have become part of everyday life. However, a key question arises: at what age is it safe for minors to use a digital wallet?

The answer is not unique, as it depends on factors such as each country's regulations, the minor's maturity, and parental support. In this article, we review expert recommendations and financial institutions' recommendations on this topic.

A digital wallet is a mobile app that allows you to store money electronically and make payments in physical stores, online, or even between people. For young people, it represents independence and convenience, as they can use it to pay for video games, subscriptions, transportation, or even split expenses with friends.

In addition, its attractiveness increases because:

• They facilitate online purchases without the need for a physical card.
• They allow you to receive money from family members instantly.
• They are associated with the digital culture of adolescents.

However, not everything is positive. Uncontrolled use can expose minors to financial risks and unsafe online practices.

In most countries, minors under 18 cannot open a digital wallet in their own name without adult authorization. This is because financial contracts require the legal age of majority.

• PayPal states that only individuals over the age of 18 may have an individual account.
• Mercado Pago allows people 13 and older to open accounts, but with parental supervision.
• Google Wallet and Apple Pay require minors to manage their payments through a family group set up by an adult.

This means that, although technology allows it, parents must be present in the process .

Several financial education experts point out that introducing young people to the responsible use of digital money can be positive , as long as there is support. The benefits include:

• Early education in personal finance , teaching how to save and plan expenses.
• Greater security than cash , since in the event of theft the money is not physically lost.
• Transparency for parents , who can review account transactions.

Responsible use of a digital wallet can become an educational tool to prepare teenagers for the adult financial world.

However, allowing a minor to use a digital wallet unsupervised carries risks. The main ones are:

• Impulse purchases , especially in video games or apps.
• Exposure to online scams , such as fake links or social media fraud.
• Lack of understanding of the value of money , as digital transactions do not generate the same perception as paying in cash.

Therefore, experts recommend setting clear spending limits and openly discussing the risks of sharing financial data.

If you decide to allow your son or daughter to use a digital wallet, experts suggest:

1. Open the joint account and link it to a parent-controlled payment method.
2. Set limited recharge amounts to avoid overspending.
3. Monitor transactions periodically to detect suspicious movements.
4. Educate about digital security , explaining how to identify fraud and not share passwords.
5. Use the experience as a practical lesson in money management.

In this way, the digital wallet becomes an educational tool and not a risk.

Most experts agree that minors can begin using a digital wallet starting at age 13 or 14 , always with adult supervision. Before that age, it's best for parents to manage the tool completely.

The exact timing will depend on the minor's maturity and the family's ability to support their financial learning.

The use of digital wallets by minors is an issue that requires a balance between education and safety. While there is no universally accepted age, most platforms set the limit at 13 years of age with supervision, and experts emphasize that parental guidance is important.

In an increasingly digital world, teaching teens how to manage their money responsibly is as crucial as teaching them how to save with a piggy bank. The key is to support, supervise, and educate so that the digital wallet is a tool that prepares young people for their financial future, rather than a source of unnecessary risk.