look news india
PhonePe and Google Pay have given great relief to those parents who are troubled by their children's extravagance. 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
With NPCI's new UPI Circle feature, children will be able to link their UPI account to their UPI account. After this, children will be able to make payments from their parents' UPI account. In this payment, parents will have the 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. According to ET's report, after Google Pay, PhonePe and other UPI platforms have also started rolling out the new UPI Circle feature.
This is how parents can keep an eye on their child's online spending
The UPI Circle feature will give two options to the parents. One option will be – Partial delegation and the other will be –
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 have to approve. If the parents approve, the payment will go through. If they feel the child is spending wastefully, they can refuse.
Full delegation
This facility is for those parents who have full trust 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 payments directly from their parents' UPI account. This feature will be especially beneficial for those children who stay out of the house for studies or any other work. Along with this, the UPI Circle feature is also considered beneficial for elderly people.