New Delhi: Junio Payments Private Ltd (JPPL), a wholly-owned subsidiary of FirstPay Technologies, has received in-principle authorisation from the Reserve Bank of India to issue Prepaid Payment Instruments (PPIs).This marks a significant milestone in Junio's journey to expand access to secure and innovative digital financial solutions designed especially for teenagers and young adults, the company said in a statement on Thursday.
With this authorisation, Junio will soon introduce a digital wallet linked to UPI, allowing users to scan UPI QR codes and make payments even without a bank account, it said.This capability aligns closely with the UPI Circle initiative launched by NPCI, enabling youngsters to make UPI payments using their parents' linked UPI accounts - fostering financial literacy through real-world money management, it said.
Junio app, along with its RuPay co-branded physical and virtual prepaid cards, empowers parents to transfer money, set spending limits, assign tasks or allowances, and monitor financial activity in real time - helping nurture responsible spending habits and early financial awareness, it said.
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