Junio Payments Secures RBI Approval for Prepaid Payment Instruments

Junio Payments Private Limited (JPPL), a subsidiary of FirstPay Technologies Private Limited, has received in-principle authorisation from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs). 

The approval allows the company to operate under the RBI’s regulatory framework for digital payment services.

Wallet Linked to UPI

With this authorisation, Junio plans to introduce a digital wallet that will be linked to the Unified Payments Interface (UPI). The wallet will enable users, mainly teenagers and young adults, to make payments by scanning UPI QR codes, even if they do not hold a bank account.

The proposed wallet aligns with the National Payments Corporation of India’s (NPCI) UPI Circle initiative. This model allows minors to make digital payments through their parents’ linked UPI accounts, ensuring that transactions take place within a supervised structure.

Junio Background

Junio was founded by Ankit Gera and Shankar Nath. The company operates a payment platform for younger users. Its current offerings include physical and virtual RuPay co-branded prepaid cards that allow parents to transfer money, set spending limits, and track transactions.

The app currently has over 2 million users across India. With the RBI approval, Junio is to extend its regulated product offerings within the digital payments space and provide additional tools for controlled spending.

Upcoming Additions

According to the company, upcoming features will include UPI integration, rewards linked to savings, and brand-based vouchers. These additions are expected to be incorporated into the existing app to create a single platform for prepaid digital transactions.

Read More: UPI Smashes Records in October: 20.7 Billion Transactions Worth ₹27.28 Trillion!

Conclusion

With the in-principle authorisation, Junio Payments can now proceed with the process of launching prepaid payment products in compliance with RBI rules.

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