Top News

Digital payments are rapidly becoming an integral part of people's lives in India. Now, even school and college-going students are utilizing online payments for their daily expenses. Recognizing this growing need, Paytm has launched a new feature called 'Paytm Pocket Money.' On May 18, the company announced that this feature had been designed specifically for teenagers who do not yet possess their own bank accounts.

According to the company, students will now be able to make payments via Paytm UPI even without having a bank account. A key highlight of this feature is that parents or family members will be able to maintain complete control over the children's spending. They can set spending limits and monitor every single transaction.

**Benefits of Paytm Pocket Money**
Through Paytm Pocket Money, parents can set a monthly spending limit for their children. Family members can link their children's accounts via NPCI's UPI Circle and view all transactions in real-time. Once the feature is activated, children can use the Paytm app on their mobile phones to make UPI payments at both online and offline stores. This eliminates the need for them to constantly ask their parents for their phone.

**Pocket Money Limits**
Paytm has also established specific spending limits for this feature. Teenagers will be able to spend a maximum of ₹15,000 per month. Additionally, a single transaction limit of up to ₹5,000 has been set. These limits can be configured by the parents or family members. The company has also placed a strong emphasis on security. Once the feature is activated, transactions will be capped at ₹500 for the initial 30 minutes. Furthermore, a cumulative limit of ₹5,000 will remain in effect for the first 24 hours. This measure helps minimize the risk of erroneous transactions or misuse. Additionally, through the Paytm Spend Summary feature, every payment will automatically be categorized. This will enable families to understand where their money is being spent, and children will also be able to learn about expense management. If necessary, parents can use their Paytm UPI PIN to modify spending limits or even instantly disable the service. Furthermore, security features such as a device lock have also been included.

**How to Set Up Paytm Pocket Money**
To get started with Paytm Pocket Money, first update the Paytm app on your phone. Next, open the Paytm app. Navigate to the "To Mobile / Contact" option. Now, tap on "Pocket Money." Select the contact of the person for whom you wish to enable this feature. You can then either scan a UPI QR code or enter a UPI ID. Complete the necessary document verification process. Select your bank account, enter your Paytm UPI PIN, and finally, set a monthly spending limit. Once this is done, the recipient of the pocket money will need to accept the invitation. If the "Pocket Money" option does not appear within the app, you will need to update the Paytm app to its latest version.

Disclaimer: This content has been sourced and edited from TV9. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.