Paytm Introduces Pocket Money for Teenagers: A New Way to Make UPI Payments
Paytm launches Pocket Money: Teens without a bank account can now make UPI payments, parents can set limits; here's how
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On May 18, 2024, Paytm launched Pocket Money, enabling teenagers without bank accounts to make UPI payments independently. Parents can set spending limits and monitor transactions, promoting responsible financial habits. This feature aims to facilitate everyday payments for school and college needs while ensuring parental oversight.
- 01Teenagers can now make UPI payments independently without needing cash or parental assistance.
- 02Parents can set individual payment limits of ₹5,000 and a monthly cap of ₹15,000.
- 03The service includes built-in safety controls, such as initial payment caps of ₹500 for the first 30 minutes.
- 04Paytm Pocket Money is linked to the UPI Circle feature, allowing shared access to a single UPI ID.
- 05The app requires a device lock for security, and spending limits can be adjusted or revoked instantly.
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Paytm launched Pocket Money on May 18, 2024, allowing teenagers without bank accounts to make UPI payments independently. This initiative aims to empower teens by enabling them to handle everyday transactions for school, college, and personal expenses without relying on parents. The feature allows parents to set monthly spending limits of ₹15,000 and individual payment caps of ₹5,000 to ensure responsible spending. Additionally, safety controls are in place, including a temporary cap of ₹500 for the first 30 minutes after setup. The service utilizes the UPI Circle feature, which permits a primary user to grant access to a secondary user, allowing shared UPI ID usage while managing transaction limits. To activate Paytm Pocket Money, parents must update the Paytm app, select the appropriate contact, and set the spending limits. This feature not only fosters financial independence among teenagers but also encourages them to develop responsible money management habits.
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This initiative allows teenagers to manage their finances independently while giving parents control over spending, potentially leading to better financial literacy among young users.
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