Junio Payments gets RBI nod for prepaid payment instruments

New Delhi: Junio Payments Private Ltd (JPPL), a wholly-owned subsidiary of FirstPay Technologies, has received in-principle authorisation from the Reserve Bank of India to issue Prepaid Payment Instruments (PPIs).

This marks a significant milestone in Junio's journey to expand access to secure and innovative digital financial solutions designed especially for teenagers and young adults, the company said in a statement on Thursday. With this authorisation, Junio will soon introduce a digital wallet linked to UPI, allowing users to scan UPI QR codes and make payments even without a bank account, it said.

This capability aligns closely with the UPI Circle initiative launched by NPCI, enabling youngsters to make UPI payments using their parents' linked UPI accounts - fostering financial literacy through real-world money management, it said.