The RBI has approved Junio Payments Private Limited for prepaid payment instruments. This will enable children to make secure digital payments using UPI wallets without a bank account. Furthermore, it will also teach children financial literacy in a practical way. Junio Payments allows for setting spending limits and real-time monitoring of each transaction.
In this technological age, people make digital payments for everything from food to electricity bills. The RBI has taken a major step to make digital payments more secure. The Reserve Bank of India has granted in-principle approval to Junio Payments Private Limited to issue prepaid payment instruments.
This is considered a significant step towards creating a safe digital payment system for children and youth. Junio will soon launch a digital wallet linked to UPI, allowing users to make payments even without a bank account.
How to benefit from Junio Wallet?
This approval is so special because Junio’s wallet allows payments to be made by scanning a UPI QR code, even if the child doesn’t have a bank account. It’s linked to NPCI’s UPI Circle initiative. This means parents can link their UPI account to their children and give them the freedom to make transactions. This will help children learn financial literacy in a practical way. This means they can easily understand money management and how to control their spending.
What is Junio Payments?
Founded by Ankit Gera and Shankar Nath, the app is specifically designed for children and young adults, helping them cultivate responsible spending and savings habits. Parents can transfer money to their children through the app, set spending limits, and monitor each transaction in real time.
Furthermore, the app offers task rewards and savings goals, which help teach children financial literacy. Junio’s RuPay-branded card also offers numerous benefits. It offers both physical and virtual options, allowing for online, offline, and tap-and-pay transactions. According to the company, over two million young users are already using the app, meaning it’s prevalent in millions of families.
The co-founder of Junio Payments gave this information
According to a CNBC report, Junio Payments co-founder Ankit Gera said, “This RBI approval reinforces our vision that the next generation will learn to manage money wisely, rather than just spend it. Our goal is to create a financial ecosystem that balances guidance and freedom.”
Looking ahead, Junio is adding several new features to the app in the coming months, including UPI integration, reward points for savings, brand voucher incentives, and NCMC-supported transit payments. This means cashless payments will be easier even for bus travel. The company’s goal is to provide a safe, cashless, and educational payment experience for young people. This move could make Junio India’s first youth-focused fintech platform.
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