What is GPay Pocket Money? Every Parents Should Know
GPay Pocket Money: Big news for GPay users. Google Pay has introduced a new feature in India that has the potential to revolutionize how parents and children manage their finances daily. Named "Pocket Money," this innovative tool empowers children to…
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GPay Pocket Money: Big news for GPay users. Google Pay has introduced a new feature in India that has the potential to revolutionize how parents and children manage their finances daily. Named “Pocket Money,” this innovative tool empowers children to make digital payments while ensuring that parents maintain full oversight. This means that while children can spend, parents will monitor the transactions.
Developed by the National Payments Corporation of India (NPCI) based on the UPI Circle framework, this feature enables secondary users to make payments without needing a separate bank account, simplifying family financial management like never before. Previously, many parents were reluctant to allow their children to use UPI apps due to concerns about overspending or security issues. However, these worries can now be significantly alleviated.
The Google Pay Pocket Money feature establishes a secure environment where funds are directly connected to a parent’s bank account, allowing children to conduct transactions from their devices, all while adhering to set limits and controls. In essence, this feature serves as a clever and secure method for educating children about digital finance.
How does Google Pay Pocket Money function?
The Pocket Money feature from Google Pay simplifies digital payments for children and dependents. It designates a primary user (the parent) and a secondary user (the child or dependent). The child can make payments using their phone, but the funds are drawn directly from the parent’s bank account, ensuring that the parent retains full control.
Parents can add their children to their phones using either phone numbers or UPI Circle QR codes. A primary user can include up to five dependents. The entire system is built on NPCI’s UPI Circle framework, which allows children to make payments without needing their own bank accounts.
For security purposes, KYC (Know Your Customer) verification is necessary during the setup process. Parents must validate their relationship with the child and provide a government-issued ID for the child. This feature is only activated once the verification process is complete, preventing any potential misuse.
How to control expenses?
This feature gives parents two control options. First, they can set a monthly limit of up to Rs 15,000, allowing their child to make small expenses without having to ask each time. Second, approval mode requires parental approval before every payment. This allows parents to customize their children’s freedoms according to their convenience.
This feature isn’t just a payment tool, it’s also a financial learning tool. Parents can track every transaction and teach their children how to spend money wisely. This helps children learn budgeting and responsible spending at an early age, which will be very helpful later on.
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