PayPal, the online payment division of eBay, wants to help parents put a financial leash on their teenage children, reports the New York Times. Last month, the company quietly began testing a new system called PayPal Student Account, a flexible way for parents to give children ages 13 and older a measured amount of financial independence. The feature, currently in an invite-only beta period, allows parents to create up to four sub-accounts tied to their primary PayPal account. They can then allocate a single chunk of money or create a recurring allowance, which children can spend on any web site

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