RBI approves UPI wallet for minors: How it works
What's the story
The Reserve Bank of India (RBI) has given its in-principle approval to Junio Payments Pvt Ltd to issue Prepaid Payment Instruments (PPIs). The move will enable the launch of a UPI-linked digital wallet specifically designed for children and teenagers. The innovative platform will allow users, especially minors, to make payments without needing a bank account. Users will be able to pay by scanning any UPI QR code, just like regular UPI users.
Fintech innovation
App allows parents to transfer money
Junio Payments is a fintech platform co-founded by Ankit Gera and Shankar Nath. It aims to help kids and young adults manage their money responsibly. The app allows parents to transfer money, set spending limits, and monitor transactions in real time. It also provides task-based rewards, saving goals, and gamified learning tools to make financial education engaging for the younger generation.
Expansion strategy
Plans to integrate UPI
Junio Payments already has over two million young users, highlighting its acceptance among Indian families. The company's RuPay-branded cards, available in physical and virtual formats, enable online, offline, and tap-to-pay transactions. Co-founder Ankit Gera said RBI's approval strengthens their vision of helping the next generation manage money smartly. He added that they plan to add more features such as UPI integration, reward points on savings, brand vouchers in the coming months.