Junio Payments Private Limited has been granted permission by the RBI to launch digital wallet services. These services will be available to users without bank accounts.
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RBI Junio Payments: Keeping in mind the changing technology, RBI has given permission to Junio Payments Private Limited to start digital wallet services. Today, India is among the countries with the largest digital payment usage in the world. Today, people from small shops to big malls have started using online payments.
Digital payment facility is available in almost every shop today. You need a bank account to make digital payments, but under this new scheme of RBI, users who do not have a bank account will also be able to make online payments. RBI is soon going to launch a new digital wallet linked to UPI under Junio, which will be available to users who do not have a bank account.
Junio Payments will teach children how to spend wisely.
Ankit Gera and Shankar Nath have launched the Junio app for children and young adults. The app aims to teach children how to spend money responsibly and cultivate savings. Parents can transfer money to Junio Payments.
Junio Payments also allows for setting spending limits and tracking transactions. The app offers many exciting features, including task rewards and savings goals, which help children develop financial understanding. Over two million young people have used the Junio Payments app so far.
How does Junio Payments work?
The most important feature of Junio is that children can now 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 accounts to their children’s wallets.
This app will help children develop financial understanding. They will learn how much money they should spend and how to save money.
Read More: Delhi government launches School Web App, now parents and teachers connection will be digital
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