Top News

In the era of Digital India, we can now forget our wallets because mobile phones have UPI. However, until now, a bank account was required for UPI payments. Because of this, children, students, or elderly family members who did not have a bank account had to stay away from digital transactions. But now Google Pay has solved this problem. Google Pay has launched a new feature called 'UPI Circle Pocket Money', which will now make it possible to make secure payments even without a bank account.

What is 'UPI Circle' and how does it work?

This new feature of Google Pay works on two main levels. One is the 'primary user' and the other is the 'secondary user'. A person who has their own bank account and allows others to make payments is the primary user. A person who doesn't have their own account but spends money from the primary user's account is the secondary user. Simply put, parents can link their accounts to their children's Google Pay so that the children can use digital 'pocket money'.

Parents' 'Eyes' on Pocket Money
Safety was the top priority when launching this feature. Parents fear that their children might overspend when giving them digital money. However, with UPI Circle, the primary user has complete control. You can set a monthly limit of up to ₹15,000 for your children or friends. Furthermore, whenever your son or daughter makes a payment, you'll receive a notification on your phone. The transaction won't be completed until you approve it. This will prevent wastage of money and ensure security.

Add up to five people and be stress-free!

With this Google Pay feature, you can add up to five secondary users to your account. To do this, you'll need to go to the "UPI Circle" option in the Google Pay app. The person you want to add must have their account number saved on your phone. Importantly, as per Reserve Bank of India regulations (KYC Directions, 2016), the secondary user's identity must be verified. They must provide their Aadhaar card or other government ID number. This will make it easier to track each transaction.

Who is most benefited by this feature?
This feature is a boon for families where children live away from home for studies or elderly parents who find it difficult to make digital payments. Now, parents don't need to give their children cash every time. Children can make payments by scanning a QR code on their mobile, which will be deducted from their parents' account. This is not only convenient but also the need of the hour. It's fair to say that this move by Google Pay has started a new chapter in the digital revolution in India.

PC: Navarastra