Junio Payments, a subsidiary of FirstPay Technologies, has achieved a major milestone by receiving in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs).
Impact and New Digital Wallet Capabilities
This authorization significantly expands Junio’s capacity to offer secure and innovative digital financial solutions specifically designed for teenagers and young adults.
A key upcoming feature enabled by the PPI license is the introduction of a digital Wallet linked to UPI. This will allow Junio users to:
- Scan UPI QR codes and make payments.
- Conduct transactions even without a bank account.
This move perfectly aligns with the NPCI’s UPI Circle initiative, which enables youngsters to make UPI payments using their parents’ linked UPI accounts.
Empowering Young Users with Financial Literacy
Founded by Ankit Gera and Shankar Nath, Junio has built a unique digital ecosystem for young users. The Junio app, coupled with its RuPay co-branded physical and virtual prepaid cards, offers parents tools to:
- Transfer money and set spending limits.
- Assign tasks or allowances.
- Monitor financial activity in real time.
The company stated that its focus is on innovation that strikes a balance between freedom and guidance.
“Prepaid wallet is more powerful now as it can be linked for UPI payments. Our focus is on innovation that balances freedom with guidance—ensuring every digital transaction becomes a step toward independence, literacy, and trust,” said Ankit Gera, co-founder of Junio Payments.
Junio’s Current Reach
The Junio app is already a trusted platform for over 2 million students and young professionals. It provides a safe, cashless, and educational payment environment that supports:
- Online and offline purchases.
- Tap & pay functionality.
- NCMC-enabled transit payments.
