Now there will be complete control over children’s expenses, Paytm’s new feature UPI will work even without bank

Teen UPI Payments: In India, digital payment has increased so much among the people that now even adults and school and college going children resort to online payment for small expenses. Understanding this changing need, Paytm has introduced a new feature. Paytm Pocket Money Has been launched. Let us tell you that the company announced this feature on May 18 and said that it has been specially designed for those teenagers who do not yet have their own bank account and they use only the money given by their parents.

Talking about the special features, children will be able to make payments through Paytm UPI even without a bank account, while parents will be able to have complete control over their expenses. Due to which children will not need to ask for their parents’ phone again and again.

Children’s expenses will be monitored at all times

The company has said that in this feature, parents or family members can set monthly expenditure limits for children. Apart from this, every transaction can also be tracked in real time. In which NPCI’s UPI Circle feature will be used. After this budget feature is activated, children can easily make payments at both online and offline shops through Paytm app on their smartphones. Which will give children an understanding of digital payments and will also be useful in learning money management.

Know what will be the expenditure limit

After introducing this feature, Paytm has also set a limit on spending keeping security in mind. In this, teenagers will be able to spend a maximum of Rs 15,000 per month. At the same time, payment of only Rs 5,000 at a time will be possible. Apart from this, only up to Rs 500 can be paid for the first 30 minutes of the feature being activated and a limit of Rs 5,000 will be imposed for the first 24 hours. The purpose of imposing this limit is to reduce the risk of wrong transactions and fraud.

Spend summary will help you understand where the money went

Paytm has also added Spend Summary feature to its special features. Due to which every expense will be shown in different categories. Which will make it easier for the family to understand where the money has been spent. Apart from this, if needed, parents can change the limit through Paytm UPI PIN or can also stop the service immediately. In which the company says that it will provide security like a device lock.

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How to setup Paytm Pocket Money

If you also want to start this feature for your children, then follow these steps.

• Update Paytm App
• by opening the app
• Go to To Mobile / Contact option
• Tap on Pocket Money
• select contact
• Enter UPI ID or QR code
• Complete verification and link bank account
• Set monthly limit

After doing these steps, the other user will have to accept the invitation. After which the process will be completed.