UPI Payments Without a Bank Account! Paytm Launches This New Feature for Children
In today’s times, school and college-going students want to use digital payments for the metro, cabs, mobile recharges, canteens, online shopping, and other minor necessities. However, most children currently have to borrow their parents’ phones to make payments or rely on their assistance for OTPs and QR codes.
To simplify this challenge, Paytm has introduced this new feature. Now, parents can grant their children permission for limited spending directly through the Paytm app. Children will be able to make UPI payments directly from their own mobile phones, while full control remains with the parents.
According to the company, this feature is based on NPCI’s ‘UPI Circle’ system. Under this system, parents—or any trusted family member—can link their bank account to provide digital pocket money to the children.
The most notable aspect of Paytm Pocket Money is that parents can set spending limits. They will also be able to track exactly how much money the child is spending and where. If necessary, the spending limit can be adjusted, or access can be revoked immediately.
With security in mind, the company has also established several limits. Within the first 30 minutes of activating the feature, spending is capped at ₹500. For the first 24 hours, the maximum spending limit is set at ₹5,000. No single payment exceeding ₹5,000 can be made at one time. Furthermore, the total UPI spending limit for the entire month has been set at ₹15,000.
How do you activate this feature? To get started, you must first update the Paytm app. Next, select the “Pocket Money” option and add the child’s mobile number or UPI ID. Then, set the monthly spending limit and complete the process by entering your UPI PIN. The facility will become active once the child accepts the invitation. The company states that this feature will help teach children how to make digital payments safely and instill in them the responsibility of spending money wisely.
