Paytm Launches Pocket Money, Bringing UPI Payments Access to Teenagers
Paytm (One 97 Communications Limited), India's full stack merchant payments leader, has launched Paytm Pocket Money. The service aims to provide teenagers with the capability to make everyday Paytm UPI payments without requiring their own bank account, while simultaneously offering parents and trusted family members controlled spending access and real-time visibility.The introduction of Paytm Pocket Money addresses the growing need for digital payment methods among school and college students who frequently make transactions at canteens, metro stations, cab services, and for mobile recharges. Previously, these payments often relied on cash or direct assistance from parents or family members. Paytm Pocket Money converts this behavior into a secure, digital format, allowing parents to manage allowances and gradually introduce teenagers to Paytm UPI in a supervised manner.
With this new service, parents and family members can invite teenagers using the UPI Circle by NPCI. The system allows them to set monthly spending limits and track payments in real time. Once activated, teenagers can perform secure Paytm UPI payments across millions of online and offline merchants simply using the Paytm app on their mobile phone, enhancing their independence.
Parents or a trusted family member can set up Paytm Pocket Money, defining specific limits for the user. The service is available on savings and current accounts, though restrictions apply regarding international payments and cash withdrawals.
Key Features and Spending Controls
The platform includes multiple safety features designed to ensure responsible usage and parental oversight.| Limit Type | Initial Limit | Monthly Cap |
|---|---|---|
| Individual Payment Cap | ₹5,000 | N/A |
| Monthly UPI Network Limit | N/A | ₹15,000 |
| Immediate Safety Cap (First 30 mins) | ₹500 | N/A |
| Safety Cap (First 24 hours) | N/A | ₹5,000 |
Beyond the spending caps, the service also integrates with Paytm Spend Summary. This feature automatically categorizes every payment, helping families monitor expenditure, manage allowances effectively, and foster disciplined money habits among teenagers.
The service also mandates a device lock, and access can be instantly modified or revoked using the Paytm UPI PIN, providing continuous control for the supervising family member.
Paytm spokespersons noted that the launch enables teenagers to start using Paytm UPI for daily transactions without a personal bank account, while parents and family members maintain full control. This initiative brings the concept of pocket money into a safe digital format, supporting the development of responsible money habits early in life.
PAYTM Stock Price Movement
Shares of ONE 97 COMMUNICATIONS LIMITED are edging higher to ₹1132.9 as of 9:17 AM today, gaining 0.15% in live market trading. The stock is finding support amid robust activity, with 5,465 shares changing hands as the market moves through its session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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