UPI now works without a bank account! Even children can make online payments, and learn the full details.

Junio Payments Private Limited has been granted permission by the RBI to launch digital wallet services. These services will be available to users without bank accounts.

 

UPI now works without a bank account! Even children can make online payments, learn the full details.

RBI Junio Payments: Keeping in mind the changing technology, the RBI has granted Junio Payments Private Limited permission to launch digital wallet services. Today, India is among the world's largest digital payment users. From small shops to large malls, people are now using online payments.

Today, digital payments are available in almost every shop. You previously needed a bank account to make digital payments, but under this new RBI initiative, even users without bank accounts will be able to make online payments. The RBI will soon launch a new digital wallet, Junio, linked to UPI. This wallet will be accessible even to users without bank accounts.

Junio Payments teaches kids how to spend wisely

Ankit Gera and Shankar Nath launched the Junio app for children and young adults. The app aims to teach children responsible spending and saving habits. Parents can transfer money to Junio Payments.

In addition to setting spending limits and tracking each transaction, Junio Payments also offers several exciting features, including task rewards and savings goals, which help children learn financial savviness. More than two million young people have used the Junio Payments app.

How does Junio Payments work?

The most important feature of Junio is that children can now easily make payments by scanning a UPI QR code, even without a bank account. This feature is integrated with NPCI's UPI Circle initiative, which allows users' parents to 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.