Keeping in mind the changing technology, RBI has given permission to Junio Payments Private Limited to launch digital wallet services. Today India is one of the largest digital payment users in the world. From small shops to big malls, people are using online payments. Digital payment facility is available in almost every shop. While earlier digital payments required a bank account, under this new initiative by RBI, even users without a bank account will be able to make online payments. RBI will soon launch a new UPI-linked digital wallet called Junio, which can be used even by users without bank accounts.
Junio Payments will teach children to spend wisely
Ankit Gera and Shankar Nath have launched Junio app for children and youth. The aim of this app is to inculcate in them the habit of spending and saving money responsibly. Using Junio Payments, parents can transfer money to their children’s accounts. Junio Payments also lets you set spending limits and track each transaction. The app offers a range of exciting features, including task rewards and savings goals, to help children develop financial understanding. So far, more than two million youth have used Junio Payments App.
How does Junio Payments work?
The most important thing about Junio is that children can now easily make payments by scanning the UPI QR code even without a bank account. The feature is linked to NPCI’s UPI Circle initiative, which lets parents 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.