In today's digital era, all our transactions have become digital. Many changes are taking place in that too. There was a time when people had to go out of the house to buy anything; but today, everything from shopping to banking related work can be completed in a few minutes from the comfort of home. But many times, due to some youth not having their own bank account, they have to completely depend on their parents. Now this equation is going to change. For this, Paytm has brought a new idea in the market. By introducing the 'Paytm Pocket Money' feature, 'Paytm', a big company in the fintech sector, is starting a new initiative.

Parents now have complete control
The most important thing about the Paytm Pocket Money feature is that even though children are given the freedom to make payments, parents will be able to keep a close eye on their financial transactions. In other words, this feature ensures that parents have complete control over their children's money. Moreover, now parents will not only be able to set spending limits for their children using their Paytm app, but will also be able to keep an eye on their every transaction, big or small.

NPCI's 'UPI Circle' Connection
In short, this new feature is entirely based on the 'UPI Circle' technology developed by the National Payments Corporation of India (NPCI). Simply put, this new feature allows the primary account holder to authorize digital transactions for a family member who doesn't have their own bank account. Therefore, it's directly linked to the parent's account.

Easy to set spending limits
With these features, parents can now easily and conveniently set spending limits of up to ₹15,000 per month. Furthermore, the single transaction limit is set at ₹5,000. Furthermore, the service will be fully functional for both savings and current accounts, with some restrictions; however, for security reasons, restrictions are imposed on international payments and cash withdrawals using this service.

PC: Navarashtra