Paytm has launched the ‘Paytm Pocket Money’ feature for teenagers, through which they will be able to make secure digital payments without opening their own bank account.
This new feature will provide parents with complete facilities to monitor children’s expenses, set monthly limits, and perform real-time tracking. Fintech firm One97 Communications Limited (Paytm) officially announced this on Monday, May 18. Parents will have full control over expenses According to the company’s statement, parents and trusted family members can provide their children with secure and regulated payment access.
They will be able to set a fixed spending limit for children through their Paytm app. This will allow parents to continuously track every transaction of their children and maintain control at all times. Effort to digitize daily expenses In India, teenagers make digital payments every day for essential tasks like shopping, mobile recharges, metro fares, cab bookings, and school/college canteen purchases. Currently, many children are completely dependent on their parents or cash for these expenses.
Through ‘Paytm Pocket Money’, children will have a secure medium that helps develop responsible financial habits in families from an early age. Now there will be no need to ask for OTP After this feature is activated, teenagers will be able to make secure UPI payments to online and offline merchants using the Paytm app on their own phones. For this, they will no longer need to ask parents for OTP, borrow their phone, or send QR codes to parents on WhatsApp while making payments. Monthly cap of 15 thousand set Under Paytm Pocket Money, parents can invite children through NPCI’s ‘UPI Circle’. Under this, a monthly limit of up to ₹15,000 and an individual payment limit of up to ₹5,000 at a time can be set across the entire UPI network. This service is available for both savings and current accounts, but international payments and cash withdrawals will be restricted. Spend Summary will track the entire budget This new feature is fully integrated with Paytm Spend Summary, which automatically categorizes each payment. This allows families to easily keep track of their total expenses, better manage pocket money budgets, and teach children the correct use of money. The app will also provide a complete option to view payment history. In-built Safety Measures for Security Paytm has made strict security arrangements for this. In the initial 30 minutes of feature activation, only transactions up to ₹500 will be allowed, and a maximum of ₹5,000 in the first 24 hours.
Parents can change the spending limit or immediately cancel children’s access at any time using their Paytm UPI PIN. Additionally, device lock is mandatory. What are UPI Circle and In-built Safety?
