PhonePe Google Pay New Feature: If you make online payments and want your children to be able to make payments through your account, then the new feature of Google Pay and PhonePe can prove to be very useful for you. Let’s know about this in detail…
PhonePe and Google Pay have given great relief to those parents who are troubled by the extravagance of their children. Also want to keep an eye on their every expenditure. If you also want to know where and how much your child is spending, then UPI Circle can be a great option, which is being prepared to be launched by PhonePe after Google Pay.
UPI payment will be possible up to Rs 15,000
NPCI’s new UPI Circle feature allows children to link their UPI account with their UPI account. After this, children will be able to make payment from their parents’ UPI account. In this payment, parents will have control over which payment of the child they approve and which not? Under this feature, children will be able to spend a maximum of Rs 15,000 in a month. If ET’s report is to be believed, after Google Pay, PhonePe and other UPI platforms have started rolling out the new UPI Circle feature.
This is how parents can keep an eye on their child’s online expenses
UPI Circle feature will give two options to parents. One option will be – Partial Delegation and the other is –
Partial Delegation
In partial delegation, parents will have full control over the users. The child will request for online payment through UPI Circle, which the parents will have to approve. If the parents approve, the payment will be made. If they feel that the child is spending wastefully, they can refuse it.
Full Delegation
This feature is for those parents who have full confidence in their child. In this, parents do not need to approve the child’s payment. The child will be able to make the payment by entering the OTP himself.
Note – In the UPI Circle feature, children will not need a separate banking account, they will be able to make payment directly from their parents’ UPI account. This feature will be very beneficial especially for children who stay out of the house for studies or any other work. Along with this, UPI Circle feature is also considered to be beneficial for elderly people.
