Junio UPI: The door is now open for kids and teens to use UPI. The Reserve Bank of India (RBI) has given the green light to Junio Payments to issue prepaid payment instruments (PPIs). This means that children and teens can start using UPI.
Junio is set to roll out a digital wallet soon
After getting the RBI’s nod, Junio Payments is gearing up to launch a digital wallet linked to UPI. This will enable users, particularly minors, to make payments via UPI without needing a bank account. With this wallet, they can scan a UPI QR code and make payments just like regular UPI users. This feature aligns with the UPI Circle initiative introduced by NPCI.
Kids can now make payments through UPI without a bank account
The UPI Circle initiative aimed to empower children and teens to make payments through UPI accounts that are linked to their parents. The initiative’s goal was to enhance financial literacy through practical money management. Nowadays, millions of people utilize UPI for both small and large transactions. UPI can be used for any purchase, sending money to friends or family, and even having them transfer money to their bank accounts.
Junio’s platform will provide rewards based on tasks
Junio is a fintech platform created by Ankit Gera and Shankar Nath. It aims to teach kids and teens how to handle money responsibly. The app allows parents to send money, set spending limits, and keep track of transactions in real-time. The platform also features task-based rewards, which help enhance financial education.
Junio’s RuPay-branded cards come in both physical and virtual forms. They can be used for online, offline, and tap-to-pay transactions. The company already boasts over 20 million users who are kids or teens, showcasing its rapid growth. In an interview with CNBC, Junio co-founder Ankit Gera mentioned that obtaining RBI approval will help them achieve their vision of guiding the next generation in smart money management.