RBI licence to JPPL for issuing ‘prepaid payment instruments’
The Reserve Bank of India (RBI) has granted in-principle approval to Junio Payments Private Limited (JPPL) to issue Prepaid Payment Instruments (PPI). This approval is being considered a major step towards creating a safe digital payment ecosystem for children and youth. Now Junio will soon launch a digital wallet linked to UPI, through which users will be able to make payments even without a bank account.
Why Junio Payments is Famous: With this RBI approval, Junio will now offer a digital wallet that enables payments by scanning a UPI QR code, even if the user doesn’t have a bank account. This feature is linked to NPCI’s UPI Circle Initiative, which gives young people the freedom to transact through their parents’ linked UPI accounts. This model is a new way to teach financial literacy in a practical way.
What does Junio Payments do? Founded by Ankit Gera and Shankar Nath, Junio Payments is an app for children and young adults that helps them develop responsible spending and savings habits.
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