One 97 Communications (Paytm) has launched Paytm Pocket Money. It enables teenagers to make Paytm UPI payments without having their own bank account, while allowing parents and trusted family members to provide safe and controlled spending access with defined limits and real time visibility on their child’s payments made through the Paytm app.
With Paytm Pocket Money, parents and family members can invite teenagers through UPI Circle by NPCI, set monthly spending limits, and track payments in real time. Once activated, teenagers can make secure Paytm UPI payments across millions of online and offline merchants using Paytm app through their own mobile phone. Parents or a trusted family member can set up Paytm Pocket Money for their teenagers, with individual payments capped at Rs 5,000 and a monthly limit of Rs 15,000 across the UPI network. The service is available on savings and current accounts, with restrictions on international payments and cash withdrawals.
Paytm Pocket Money also comes with safety controls inbuilt where payments are capped at Rs 500 for the first 30 minutes after setup and Rs 5,000 within the first 24 hours. A device lock is mandatory, and spending limits can be modified or access can be revoked anytime instantly using the Paytm UPI PIN. Payment history is also visible through the Paytm app.
One 97 Communications is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, the company builds technologies that help small businesses with payments and commerce.
