Junior UPI Wallet : RBI has come up with a special gift for kids. This will not only benefit the children in acquiring financial knowledge, but also give the children a hands-on experience of financial literacy. RBI has approved Junio Payments Pvt Ltd for kids, kids without bank account can now transact through UPI wallet. So parents can also control their expenses.
RBI to make Junio UPI wallet available for kids, so they can make payments without bank account. They can use it during emergencies. Children will also be taught financial literacy in a practical way when they make secure digital payments through the UPI wallet. Which will add to their financial transactions. Parents are allowed to set spending limits on the Junio Payments service so every transaction can be monitored in real-time.
In this age of technology, people make digital payments for everything from food to electricity bills without using cash. Because, digital payment is safe and there is no need to carry cash. Now he has and RBI has taken a big step to make it convenient for children. Junio Payments Private Limited has been authorized by the Reserve Bank to issue prepaid payment instruments.
This is considered to be an important step by RBI to create a secure digital payment system for youth and children. Junio will soon bring a UPI-linked digital wallet for kids to consumers after getting approval from RBI. This allows users to make payments even without a bank account.
A new phase in Digital India
Junio’s wallet is very special because even if a child doesn’t have a bank account, they can scan the UPI QR code and make payments. It is linked with NPCI’s UPI circle initiative. which allows parents to link their children’s UPI accounts, so that they can control their children’s transactions. Basic knowledge of money management and how to control expenses will be easy.
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