Daijiworld Media Network – Mumbai

Mumbai, Nov 12: The Reserve Bank of India (RBI) has given in-principle approval to Junio Payments Pvt Ltd to issue Prepaid Payment Instruments (PPIs), clearing the way for a UPI-linked digital wallet designed specifically for children and teenagers. The move is being hailed as a key step towards building a safe and educational digital payment ecosystem for young users.

With RBI’s nod, Junio is preparing to launch a UPI-linked wallet that enables users — particularly minors — to make payments without holding a bank account. The wallet allows scanning any UPI QR code to pay, much like regular UPI users. This aligns with the UPI Circle initiative launched by NPCI, which allows youngsters to make payments via their parents’ linked UPI accounts, promoting financial literacy and responsible money management from an early age.

Junio is a fintech platform founded by Ankit Gera and Shankar Nath, aimed at helping children and young adults manage money responsibly. The app allows parents to transfer funds, set spending limits, and monitor transactions in real time. It also features task-based rewards, savings goals, and gamified learning tools, making financial education engaging for young users.

Junio’s RuPay-branded cards, available in both physical and virtual formats, support online, offline, and tap-to-pay transactions. With over two million young users, the platform is rapidly gaining acceptance among Indian families.

Junio co-founder Ankit Gera told CNBC, “The RBI’s approval strengthens our vision of helping the next generation not just spend, but manage money smartly. Our goal is to create a financial ecosystem that balances guidance and freedom.”

Junio plans to roll out additional features over the coming months, including UPI integration, reward points on savings, brand vouchers, and NCMC-supported transit payments. These initiatives aim to make it easier for students and young commuters to travel without cash while enjoying smooth digital experiences.