Mumbai: In a groundbreaking stride towards financial inclusion, the Reserve Bank of India (RBI) has authorised Junio Payments Private Limited to launch digital wallet services, empowering users — including children — without a bank account to seamlessly embrace UPI payments.
India, already a global leader in digital transactions, is set to broaden its horizon further. From roadside vendors to sprawling malls, cashless payments are ubiquitous, yet the barrier of requiring a bank linkage has long sidelined the unbanked. RBI’s nod to Junio addresses this gap head-on, integrating the platform with the National Payments Corporation of India (NPCI)’s UPI Circle initiative. Parents can now link their UPI accounts to children’s wallets, enabling QR code scans for effortless transactions.
Founded by Ankit Gera and Shankar Nath, the Junio app targets young minds, fostering fiscal responsibility from an early age. Over two million youths have already engaged with it, learning prudent spending through features like task-based rewards, saving goals, and parental spending limits. “It’s about building tomorrow’s savvy savers,” Gera noted, highlighting real-time transaction tracking to instill mindful habits.
This innovation democratises digital finance and equips the next generation with vital money management skills — teaching when to spend wisely and how to save astutely. As RBI adapts to evolving tech landscapes, expect a surge in inclusive payments, making financial literacy as accessible as a smartphone.