Paytm Launches Pocket Money: UPI Payments Solution for Teens, Know Benefits and How it Works

With Paytm Pocket Money, teens can make UPI transactions without a bank account, while parents can set spending limits, track transactions and control allowances.

Benefits:

Paytm Pocket Money attempts to solve this problem by giving teenagers a safe and controlled way to make digital UPI payments while giving parents the ability to monitor and regulate their spending limits, according to the reports.

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As said above, with Paytm Pocket Money, teenagers can begin using Paytm UPI for daily transactions without needing their own bank account, all under the supervision of their parents and other members of the family, according to Paytm. It aids families in developing sound financial habits early on by converting pocket money into a secure digital format.

How to Use it? 

How to activate Pocket Money? Users must update the Paytm program to the most recent version in order to use the functionality. Go to Mobile / Contact after opening the app. Choose Pocket Money. Select or input the teenager’s contact information. Enter UPI ID or scan the UPI QR code. Finish all verification procedures. Establish a monthly spending cap. Choose the linked bank account and use UPI PIN to confirm. In order to activate the service, the adolescent must agree to the offer.