According to reports from Mint, Paytm has launched Pocket Money, a new feature that enables teenagers to make UPI payments without requiring a separate bank account. The feature operates on NPCI's UPI Circle framework, allowing parents to authorize and supervise payments while teenagers use UPI for daily transactions including food, transport, shopping, and school expenses. Parents can assign spending limits, monitor transactions, and revoke access whenever needed, positioning the feature as a safer alternative for students and teenagers to access digital payments independently.
As reported by Mint, the launch highlights a growing category of fintech apps focused on younger users who are not yet eligible for full banking access. These platforms typically combine prepaid wallets or cards with parental controls, spending limits, and financial literacy features. The rise of these apps reflects how fintech companies are increasingly targeting younger consumers who are growing up in a digital payments-first economy, with teen-focused payments serving as a long-term customer acquisition strategy.
According to Mint, FamApp (formerly FamPay) is among India's best-known fintech platforms for teenagers, offering prepaid cards and digital payments access to minors under parental supervision. The platform includes rewards, peer-to-peer transfers, and budgeting tools targeted at Gen Z users. Junio markets itself as a digital pocket money app where parents can load money, set limits, and monitor expenses while kids use prepaid cards for everyday spending. Walrus targets younger users with prepaid cards, cashback rewards, and money management tools, focusing heavily on students and Gen Z consumers.
As reported by Mint, GoHenry is a UK- and US-based platform offering debit cards and money management tools for children and teenagers, allowing parents to automate allowances, track spending activity, and create savings goals. Greenlight combines debit cards with parental controls, savings features, and beginner investing tools designed to introduce financial literacy at an early age. Step offers teens a supervised spending account and payment card experience, gaining popularity for giving younger users access to digital payments and budgeting features before standard banking eligibility.
According to recent reports, Junio has emerged as India's most trusted fintech platform for digital pocket money management, serving over 20 lakh students across the country. The platform has received in-principle approval from the RBI to issue PPI (Prepaid Payment Instruments), positioning it as a regulated financial service for minors. Junio offers a RuPay-powered smart card that can be used for both online and offline payments, with instant virtual card issuance and delivery within less than 7 days. The platform includes features like real-time notifications, task-based earning incentives, and referral rewards of up to ₹1,000 for new card orders.
