New Delhi, November 11: Reserve Bank of India (RBI) has reportedly granted in-principle approval to Junio Payments Pvt Ltd to issue Prepaid Payment Instruments (PPIs). The company is said to introduce a UPI-linked digital wallet especially for children and teenagers. But what exactly is Junio Payments, and how does it plan to simplify digital transactions for young users who don’t yet have a bank account?

As per reports, the approval will allow Junio Payments to launch a UPI-linked digital wallet for minors. It will enable them to make payments by scanning UPI QR codes without the need of a bank account. The initiative aligns with NPCI’s UPI Circle initiative, which will allow young users to make payments through their parents’ linked UPI accounts. As per a report of The Economic Times, the company called the RBI’s in-principle approval a "significant milestone" toward its goal to create a secure, transparent, and learning-oriented financial ecosystem for India’s young users. UPI Transactions in India Jump 35% YoY in H1 2025, Touch INR 143 Lakh Crore: Report.

What is Junio Payments?

Junio was founded by Ankit Gera and Shankar Nath. It is a fintech platform to teach kids and young adults to responsibly manage money. The app allows parents to send funds, set spending limits, and track transactions in real time. Junio also offers a financial management platform that includes physical and virtual prepaid cards, co-branded with RuPay. It also includes features like saving goals, task-based rewards, and learning tools to make financial education fun and practical. UPI Sees 25% Transaction Count Growth YoY at 20.70 Billion in October Worth INR 27.28 Lakh Crore Amid GST 2.0 Reforms.

How Children Can Use UPI Wallet Without Bank Account?

As per a report of Moneycontrol, Junio Payments is preparing to introduce a UPI-linked wallet that will let minors to make payments without having a bank account. The wallet will function like standard UPI apps, which will allow users to scan UPI QR codes and complete transactions. Additionally, Junio is also reportedly planning to introduce new features in the next few months. It is said to bring UPI integration, savings-based reward points, brand vouchers, and NCMC-enabled transit payment options.

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TruLY Score 3 – Believable; Needs Further Research | On a Trust Scale of 0-5 this article has scored 3 on LatestLY, this article appears believable but may need additional verification. It is based on reporting from news websites or verified journalists (Moneycontrol, The Economic Times), but lacks supporting official confirmation. Readers are advised to treat the information as credible but continue to follow up for updates or confirmations

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