RBI Junio Payments: Keeping in mind the changing technology, RBI has given permission to Junio Payments Private Limited to start digital wallet services. Today India is among the largest users of digital payments in the world. Today, from small shops to big malls, people have started using online payment.
Today, digital payment facility is available in almost every shop. You need a bank account to make digital payments, but under this new scheme of RBI, users who do not have a bank account will also be able to make online payments. RBI is soon going to launch a new digital wallet linked to UPI under Junio. Which can be used even by such users who do not have a bank account.
Junio Payments will teach children to spend wisely
Ankit Gera and Shankar Nath have started Junio app for children and youth. The purpose of this app is to teach children the habit of spending money responsibly and saving. To use Junio Payments, parents of children can transfer money through it.
Apart from setting the spending limit, Junio Payments also provides the facility to keep an eye on every transaction. Many attractive features are also present in the app. The app has features like task rewards and saving goals. Due to which children gain knowledge about financial intelligence. 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 now children can easily make payments by scanning the UPI QR code even without a bank account. This facility is linked to NPCI’s UPI Circle Initiative, under which parents of users can link their UPI account to their children’s wallet.
This app will make it easier for children to develop financial understanding. They will be able to know how much money should be spent and how money can be saved.
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