Google’s New "Digital Pocket Money" Is Here

Hey Payments Fanatic!

Imagine giving your teenager an allowance or helping an elderly parent pay for groceries without ever needing to visit an ATM or hand over your credit card. 

Google Pay has just launched a feature that lets you do exactly that.

It’s called "Pocket Money" (built on a framework called UPI Circle). For context, UPI is India’s real-time payment system that allows people to send money instantly between bank accounts using a phone number or a QR code.

With this new update, only available in India for now, you can link a "secondary user" to your own bank account without even needing their bank account to use it. 

The primary account holder can stay in control with two ways to manage the spending:

• Spend with Limits: Set a monthly budget of up to ₹15,000 (approx. $180 USD).
• Approve Every Payment: Require a "tap to approve" notification on your phone for every transaction they initiate.

The big question for the FinTech world: Are we going to see this in other countries?

With Google Pay simplifying delegated spending, it’s only a matter of time before other digital wallets try to replicate this "family plan" for finance.

Keep up with the latest in the Payments world. 👇 Back tomorrow!

Cheers,

Marcel

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NEWS

🇮🇳 Google Pay introduces a new feature called “Pocket Money” under its UPI Circle framework, designed to let primary account holders, typically parents or guardians, extend controlled UPI access to secondary users such as children or dependents, without requiring them to have their own bank accounts.

🇮🇳 India’s central bank considers new controls for high-value transactions amid rising digital frauds, including a proposed one-hour delay for transfers above Rs10,000 via fast systems like UPI. The move comes as fraud cases surged to 2.8 million between 2021 and 2025.

🇺🇸 Payments FinTech Pepper Pay declares bankruptcy. The company seeks to liquidate about $665,000 in assets against more than $3.4 million in debts. This highlights ongoing pressure in a highly competitive market that can be stiff and risky for payment processing ISOs.

🇦🇺 Zip partners with TPG Telecom to launch ZMobile for Australian customers. The new product offers a seamless sign-up experience and prepaid plans, including fast 4G/5G network access via TPG’s network, which reaches 98.5% of the population, along with generous data rollover, global roaming, and international calling capabilities.

🇸🇬 Singapore FinTech Finmo hires Matt Poblocki as its first general counsel to support regulatory expansion. Poblocki joins from Binance, having previously held legal roles at PayPal and eBay, and will strengthen Finmo’s legal and regulatory functions as the company continues to grow.

🌍 Paymentology announces Pedro Blanco-Pinto as Head of Business Development for Latin America. He will be responsible for commercial strategy and growth across key markets, with a focus on scaling the company’s presence in the region.

🌍 Careem Pay expands its remittance service to Türkiye and Saudi Arabia, enabling UAE residents to send money directly to bank accounts in both countries. The move strengthens its footprint, now covering 35+ countries, with fast transfers delivered in just 5 to 10 minutes.

🇭🇰 Hong Kong awards stablecoin licences to HSBC, StanChart-led group, marking a key step in embracing digital assets. The HKMA deputy chief noted that both applicants have experience in traditional finance and risk management, aligning with the mission of stablecoins to bridge traditional and digital finance.

🇦🇪 UAE’s instant payments platform Aani surpasses 12.5 million users, reflecting rapid growth in digital payments. Backed by 74 financial institutions, it supports daily transfers and transactions, reinforcing its role as a key pillar in the country’s shift toward a cash-light economy.

🇳🇬 Flutterwave plans to establish its South-East office in Anambra to expand access to payments, loans, and FinTech services for businesses, following its Nigerian banking licence, which enables it to go beyond payments and offer broader financial services across the region.

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