With Google Pay’s ‘Pocket Money’ feature, children can make digital payments from their parents’ account. Parents can control children’s spending by setting monthly spending limits or approving every payment.
New Delhi: Google Pay has launched a new feature called ‘Pocket Money’ to safely bring children into the world of digital payments. With this feature, parents can give their children the facility to spend money by linking it to their bank account. This makes it easy and safe to give digital pocket money to children. However, an audio is going viral on WhatsApp in which it is being called a scam.
What is pocket money feature?
This feature works on a system called ‘UPI Circle’. In this, the primary user (like a parent) can allow another person (like a child or a family member) to make payment from his account. To use this feature, it is not necessary for the child to have his own bank account. The money is deducted directly from the parents’ account. A parent can add up to five secondary users to their account, such as children, family members or a helper. Just the child should have a smartphone and Google Pay app.
2 ways to control expenses
Parents can choose two modes to control children’s spending. First, set a monthly limit. In this, a monthly limit of up to Rs 15,000 can be set. Within this limit, the child can make payment every time without the permission of the parents. It works like a prepaid allowance. The second option is that whenever the child makes a payment, a request will be sent to the parent’s phone. Payment will be made only when the parents approve it. To comply with banking regulations, the parent must verify the details of the secondary user. For this, a government identity card showing relationship with the child will have to be given.