Top News

• Paytm has launched ‘Pocket Money’ feature.
• Launched UPI payment facility for teenagers without bank account.
• Parents will be able to control the expenses of the children.
• This feature will help children learn financial discipline along with secure digital transactions.

Paytm Pocket Money Feature: There is a good news for teenagers and their parents. Digital payment platform ‘Paytm’ has launched a new feature ‘Paytm Pocket Money’. Now teenagers will be able to make digital payments even without opening their own bank accounts. With this new feature, parents will be able to monitor and control their expenses.

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Currently, the use of digital payments has increased significantly in the country. From small vegetables to transactions worth lakhs of rupees, people find digital payment to be a very secure method. Digital payments are used for shopping malls, cab bookings, mobile recharges, metro fares, various shops or other necessary expenses. A bank account is required to make digital payments. But now the digital payment platform Paytm has come up with a feature, with the help of which teenagers will be able to make digital payments even without opening a bank account. Due to this, children will no longer need to carry cash. Children will get a safe medium through Paytm Pocket Money feature. It will also be possible to create responsible financial habits in children. (Photo Courtesy – Pinterest)

15 thousand spending limit

Parents can invite children through NPCI’s ‘UPI Circle’ under Paytm Pocket Money. Under this, the monthly limit on the entire UPI circle will remain Rs. 15 thousand. Also, simultaneous personal payment can be made up to Rs.5 thousand. This service can be continued on both savings and current accounts. Note that under this feature, payments can be made only within the country. However, international payments cannot be made and cash withdrawals are also not possible.

No need to ask for OTP

Once Paytm’s Pocket Money feature is activated, teenagers will be able to make online and offline UPI payments using the Paytm app on their phones. Under the new feature, they don’t need to ask for OTP from their parents while making payments. Also parents will not need to send QR code on WhatsApp. Paytm Pocket Money feature will make it easier to monitor and control children’s spending. Because this feature will automatically divide the spent details into different categories. As a result the family can manage the children’s pocket money budget in a better way. This will teach children about financial discipline and money management.

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Expenditure limit

Paytm Pocket Money feature has taken special care of security. After this feature is activated, transactions can be made only up to Rs 500 in the first minutes and only up to Rs 5000 in the first 24 hours.

Control

Parents can change this limit themselves or even revoke children’s access. It is mandatory to have a device lock.