Paytm Launches ‘Pocket Money’ Feature for Teenagers, Enables UPI Payments Without Bank Account
Paytm launched the Pocket Money feature for teenagers, enabling UPI payments without bank accounts while allowing parents to monitor spending and set limits.
Paytm has launched a new feature called “Pocket Money” specifically designed for teenagers.
The feature allows young users to make UPI payments without having a bank account. Teenagers will be able to manage daily expenses such as metro travel, food orders, mobile recharges, online shopping, and other payments directly through the Paytm app.
Table of Contents
According to the company, the feature removes the need for teenagers to wait for cash every time or depend on parental approval for every payment.
Parents to Have Full Control Over Spending
Paytm stated that once parents or guardians provide permission, teenagers can independently use Paytm UPI on their smartphones.
However, important controls will remain with parents, including:
- Monitoring spending
- Setting spending limits
- Disabling access if required
The company said parents can manage these controls through their Paytm UPI PIN.
Transaction and Monthly Spending Limits Announced
According to the company, the maximum limit per transaction under the Pocket Money feature is Rs. 5,000.
The total monthly expenditure limit has been fixed at Rs. 15,000.
Paytm also clarified that:
- International payments will not be available
- Cash withdrawal facility will not be provided
After activation, a transaction limit of Rs. 500 will remain applicable during the first 30 minutes. The Rs. 5,000 limit will become active during the first 24 hours.
Spend Summary Tool Added for Families
Paytm has also introduced a “Spend Summary” tool within the Pocket Money feature.
Through this tool, families can monitor spending patterns and track expenses easily.
The feature automatically categorizes expenses, helping parents understand where money is being spent.
Parents will also be able to modify spending limits or block access whenever necessary.
How to Activate Paytm Pocket Money Feature
To use the Pocket Money feature, users must first update the Paytm app.
After updating, users need to:
- Select the Pocket Money option in the Payments section
- Parents must choose the relevant contact
- Complete the verification process
- Set the monthly spending limit
- Approve the setup using their Paytm UPI PIN
The feature becomes active once the teenager accepts the invitation.
Paytm Advises Device Lock for Security
For security purposes, Paytm recommended that users keep mobile device lock enabled while using the feature.
The company stated that security measures are important as teenagers will independently access digital payment services through smartphones.
Paytm has launched the Pocket Money feature for teenagers, allowing them to make UPI payments without a bank account while keeping spending controls with parents. The feature supports daily expenses like metro travel, food orders, mobile recharges, and online shopping. Paytm has fixed the maximum transaction limit at Rs. 5,000 and the monthly limit at Rs. 15,000. Parents can monitor spending, change limits, and block access through their Paytm UPI PIN, while the Spend Summary tool helps families track spending patterns. The feature becomes active after verification and approval through the updated Paytm app.
Follow MunsifNews24x7 for latest updates.
