RBI clears path for UPI wallet that lets children pay without bank accounts, details inside

RBI clears path for UPI wallet that lets children pay without bank accounts

In a move that could mark a key milestone in building a safe and educational digital payment ecosystem for children and teenagers, Reserve Bank of India (RBI) has granted in-principle approval to Junio Payments Pvt Ltd to issue Prepaid Payment Instruments (PPIs) paving the way for UPI-linked wallet for kids and teens.

UPI wallet without a bank account

With RBI’s approval, Junio is gearing up to launch a UPI-linked digital wallet that will allow users — particularly minors — to make payments even without a bank account. The wallet will let them scan any UPI QR code to pay, much like regular UPI users. 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

What is Junio Payments?

Junio is a fintech platform founded by Ankit Gera and Shankar Nath--designed to help kids and young adults manage money responsibly. Through the app, parents would be able to transfer money, set spending limits, besides monitoring transactions in real time through the app. The platform also offers task-based rewards, saving goals, and gamified learning tools that make financial education engaging.

Junio’s RuPay-branded cards — available in both physical and virtual formats — support online, offline, and tap-to-pay transactions. The company already has over two million young users, underscoring its growing acceptance among Indian families.

Speaking to CNBC, Junio co-founder Ankit Gera said the RBI’s nod strengthens their vision of helping the next generation not just spend, but manage money smartly. “Our goal is to create a financial ecosystem that balances guidance and freedom,” Gera said.

Junio wants to add more features over the next few months, such as UPI integration, reward points on savings, brand vouchers, and NCMC-supported transit payments. This will make it easier for students and young commuters to travel without cash and have smooth digital experiences.