India is one of the world’s leading countries in digital payments. Digital payments are being used everywhere, from small shopkeepers to large malls. While this typically requires a bank account, this new initiative by the RBI will now make online payments completely possible even without a bank account.
UPI Payments for Children
The RBI has approved Junio Payments Private Limited to launch digital wallet services. With this new wallet, children will be able to easily make payments by scanning a UPI QR code even without a bank account. This feature is integrated with NPCI’s UPI Circle initiative, which allows parents to link their UPI account to their children’s wallet. The biggest advantage of this feature is that children can become part of the digital world even without a bank account.
Junio Wallet’s Objective
Junio Payments’ goal isn’t just to simplify payments, but also to teach financial savviness to children and young people. Ankit Gera and Shankar Nath launched this app to help children learn responsible spending and saving habits. This app is a solid step towards instilling financial discipline and understanding in children at an early age.
Parental Control and Saving Practice
The Junio app has unique features like task rewards and savings goals. It teaches children in a practical way how to save money, control spending, and develop financial understanding. More than two million young people have used the app so far. Parents can transfer money directly within the app, set pre-set spending limits, and monitor every transaction to prevent overspending. The app keeps a record of every transaction, which helps parents monitor transactions effectively.
Junio Wallet Function
The Junio Wallet’s functionality is extremely simple. Parents will link their UPI account to their child’s wallet. Children can make secure payments by scanning a QR code at any store or online platform. This initiative not only simplifies the payment process but also instills financial discipline and understanding in children.
Digital Literacy and Future Updates
In the digital age, this initiative is crucial for teaching children proper money management, spending, and saving habits, and responsibility. Junio Payments and NPCI can collaborate in the future to introduce new features like online withdrawals and linking savings plans to their wallets. This will strongly help children gradually develop financial literacy.
Parents can also use this system to monitor their children’s money and instill smart and safe digital usage habits in them. This new digital feature will make online payments safe, simple, and educational for children. This step marks a major shift towards digital financial inclusion in India.