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Junio receives RBI approval to issue prepaid payment instruments

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Junio receives RBI approval to issue prepaid payment instruments
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Junio Payments, a subsidiary of FirstPay Technologies, has received in-principle authorisation from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs). According to Junio Payments, this marks a significant milestone in its journey to expand access to secure and innovative digital financial solutions designed especially for teenagers and young adults. 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. This capability aligns closely with the UPI Circle initiative launched by NPCI, enabling youngsters to make UPI payments using their parentsโ€™ linked UPI accounts. Founded by Ankit Gera and Shankar Nath, Junio has been at the forefront of creating a unique digital ecosystem tailored for young users. The Junio app, along with its RuPay co-branded physical and virtual prepaid cards, empowers parents to transfer money, set spending limits, assign tasks or allowances, and monitor financial activity in real time. โ€œPrepaid wallet is more powerful now as it can be linked for UPI payments. Our focus is on innovation that balances freedom with guidanceโ€”ensuring every digital transaction becomes a step toward independence, literacy, and trust,โ€ said Ankit Gera, co-founder of Junio Payments. The Junio app, trusted by over 2 million students and young professionals, creates a safe, cashless, and educational payment environment for Indiaโ€™s digital-native youth. It supports online and offline purchases, tap & pay, and NCMC-enabled transit payments.

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