Paytm Introduces ‘Pocket Money’ for Teens with Parent-Controlled UPI Payments

Paytm has just announced the launch of Paytm Pocket Money to enable teenagers to make Paytm UPI payments without having their own bank account. It also allows parents to have control and visibility over their child’s payments made through the app.

Many students across India still depend on their parents for money for school and college canteens, metro rides, cabs, mobile recharges, shopping, and more.

With Paytm Pocket Money, parents and family members can invite teenagers through UPI Circle by NPCI and set monthly spending limits and track payments anytime. After it is activated, teenagers can make secure Paytm UPI payments across millions of online and offline merchants using the Paytm app through their own mobile phones.

Parents can set up Paytm Pocket Money for their children, with an individual payment limit of Rs 5,000 and a monthly limit of Rs 15,000 across the UPI network. This service is also available for savings and current accounts but it has restrictions on international payments and cash withdrawals.

Paytm Pocket Money has every payment automatically categorized, which enables parents to monitor their child’s expenses and manage allowances. This makes Paytm Pocket Money different from any other UPI app.

Paytm Pocket Money also has safety controls where payments are limited to Rs 500 for the first 30 minutes after setup and Rs 5,000 within the first 24 hours. A device lock is mandatory and spending limits can be changed using the Paytm UPI PIN. Payment history is also visible through the Paytm app.