UPI payments can be made without a bank account, Paytm launched Pocket Money feature, what is special?

Paytm Pocket Money : In today’s digital era, all our transactions are done in digital form. There are many changes in it now. There was a time when people had to go out of their homes to buy anything; But today, everything from shopping to banking related tasks can be done right from the comfort of one’s home, in just a few minutes. But most of the time young people do not have their own bank account, so they have to completely depend on their parents. Now this equation is going to change. For this, Paytm has introduced a new estimate in the market. Fintech giant Paytm is launching a new initiative by introducing the ‘Paytm Pocket Money’ feature.

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Now the parents have all the control

One of the most important features of Paytm Pocket Money is that while kids are given the freedom to make payments, parents can keep a close eye on their financial transactions. In other words, this feature ensures that the parents remain in complete control of the money. Moreover, now parents will not only be able to set spending limits for their kids using their Paytm app, but will also be able to keep track of every small transaction they make.

NPCI’s ‘UPI Circle’ connection

In short, this new feature is completely based on ‘UPI Circle’ technology developed by ‘National Payments Corporation of India’ i.e. NPCI. In simple words, through this new feature, the Primary Account Holder can authorize digital transactions for a family member who does not have his own bank account. So it refers directly to the parent’s account.

Setting a spending limit is easy

These features now enable parents to easily and effortlessly set a spending limit of up to ₹15,000 per month. Additionally, a single transaction limit has been fixed at ₹5,000. Furthermore, subject to certain restrictions, the Service will be fully operational for both Savings and Current Accounts; But for security reasons, international payments and cash withdrawals using this service are currently restricted.

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