UPI For Teens: A feature for online payments has been introduced for teenagers, with the help of which payments can be made even without opening a bank account, and digital spending becomes easier under parental supervision.

How will children use Paytm UPI without a bank account?

Paytm Pocket Money: Digital payment facilities are rapidly expanding in the country. As children grow older, their expenses also increase, and they need pocket money. However, due to their lack of financial understanding, parents hesitate to give them money or open a bank account. Now, this problem may be solved.

Payment app Paytm has launched a new feature called Pocket Money. This allows minor children to use UPI even without a bank account. The primary UPI user, such as a parent or family member, can authorize the child to make payments from their bank account up to a set limit. This allows the child to make spending payments, while the UPI user retains control.

What is the reason behind introducing the Pocket Money feature?

Teenagers' expenses are so demanding that they often have to call home to receive an OTP or send a QR code to request money. This leaves them dependent on their parents. Now, with this feature, young people can manage their expenses themselves, while parents retain complete control over their pocket money in real-time.

How does the feature work?

• Parents add their child to their account through UPI Circle on Paytm app.

•   After this, the child can easily make a UPI payment from his mobile.

• Parents   can set a monthly limit in this.

What are the rules regarding safety?

This feature was created to address parents' biggest fear: preventing children from spending too much.

• The total monthly expenditure   is set at Rs 15,000, which you can reduce as per your convenience.

• Payment can be made only up to Rs 5000 at a time.

 • There are some restrictions on spending in the initial days .

• It is necessary to have a password on the phone   .

• Cash cannot be withdrawn in this feature.

• International payments cannot be made through this

• Parents have complete control and can   block access whenever they want.

The feature gives you insight into how to spend money.

This feature helps children become self-reliant and learn how to make payments. They also develop an understanding of how to spend money. This also helps them learn to budget and spend wisely. Digital payments keep a complete record of every expense.