Summary of this article
Paytm Pocket Money enables parents to set up teen digital allowance feature.
Setup includes adding teen details, linking bank, setting monthly spending limit controls.
Alternatives include FamApp, Junio and UPI Circle on Google Pay PhonePe BHIM.
Paytm app has introduced a new feature, Pocket Money that allows teenagers to make payments through Unified Payments Interface (UPI) even without having their own bank account. Parents and family members can set spending limits and track transactions through the Paytm app.
The feature enables teenagers to make everyday UPI payments without relying on cash or parents for each transaction. According to the company release, Paytm Spend Summary will allow families to review spending patterns, manage allowances, and track usage.
Paytm Pocket Money is built on NPCI’s UPI Circle, which provides controlled access for teenagers to make UPI payments under parental supervision.
Usage Safeguards and Spending Caps
According to the company release, Paytm Pocket Money has multiple usage safeguards. It includes safety controls, such as payment caps of Rs 500 for the first 30 minutes after set-up, and Rs 5,000 within the first 24 hours. The feature requires device lock activation. Spending limits can be changed or access can be disabled using UPI PIN authentication. Payment history can also be viewed in the Paytm app.
Parents or family members can set up accounts for teenagers, with transaction limits of up to Rs 5,000 per payment and Rs 15,000 per month across the UPI network.
How Users Can Set Up Paytm Pocket Money For Teenagers
Users can enable Paytm Pocket Money through the Paytm app by selecting the feature and entering the teenager’s details. They can set it up by scanning a UPI QR code or by entering a UPI ID, and verify the same by filling the required details. Users then set a monthly spending limit and link a primary bank account to it.
After the set-up, an invitation sent to the selected user must be accepted to activate the service. Once activated, the account can be used for transactions within the defined limits set by the parent or family member.
Similar features are also available on other platforms. FamApp and Junio allow teenagers to make digital payments and use UPI with parental controls, while UPI Circle is also available on apps, such as Google Pay (called Pocket Money), PhonePe, and BHIM.
