By Admin 
Imagine, your child is making online payments for his small needs, without any bank account. All this is not just a dream, but is now going to become a reality. RBI has given permission to Junio Payments Private Limited for digital wallet service, which will provide the facility to children to make UPI payments. Now they can link to their parents’ account and shop online by scanning the QR code. This is not just a convenience, but a new way of teaching financial understanding and responsibility to children. Let us know how this will work.
Now payment is possible even without an account
India is among the leading countries of the world in terms of digital payments. Today, from small shops to big malls, people are using digital payments. Although, this generally requires a bank account, but under the new initiative of RBI, online payment will now be possible even if you do not have a bank account.
Children will also be able to pay
RBI has given permission to Junio Payments Private Limited to start digital wallet services. Through this new wallet, children will be able to make payments by scanning the UPI QR code even without their bank account. This facility is linked to NPCI’s UPI Circle initiative, through which parents can link their UPI account to their children’s wallet.
what is its purpose
The purpose of Junio Payments is not just to facilitate payments. The objective behind this is to teach financial prudence to children and youth. Ankit Gera and Shankar Nath launched this app so that children can learn the habit of spending responsibly and saving. Parents can transfer money, set spending limits and monitor every transaction in the app.
Features like task rewards and saving goals are available in Junio app. With this, children learn in a practical way how to save money, control expenses and develop financial understanding at a young age. Till now more than two million youth have used this app.
How does Junio Wallet work?
Parents will link their UPI account to their children’s wallet.
Children can make payment at any shop or online platform by scanning the QR code.
Since the expenditure limit is already fixed, children will not be able to spend more than necessary.
A record of every transaction is available in the app, so that parents can monitor the transactions.
The biggest advantage of this facility is that children can become a part of the digital world even without a bank account. This initiative not only simplifies the payment process but also inculcates financial discipline and understanding among children. In the digital age, this step is important to teach children the correct identification of money, the habit of spending and saving and responsibility.
This app may be updated further in future
In the future, Junio Payments and NPCI can jointly bring more new features, such as online withdrawals and linking savings plans to the wallet. With this, children will gradually be able to develop financial literacy. Parents can also keep an eye on their children’s money with the help of this system and give them the habit of smart and safe digital usage. With this new digital facility, making online payments will become safe, simple and educational for children. This step is a significant change towards digital financial inclusion in India.
Also read: Now PF money will be transferred to the new account as soon as the job is changed, EPFO has ended the hassle.