Archive · 6 Nov 2025
Junio Payments Secures RBI Approval for Prepaid Payment Instruments
Imagine a special digital piggy bank that kids and parents can use.
A company called Junio Payments just got permission from the big bank in charge of money in India to create this.
This piggy bank will let kids and teens pay for things using a special code, just like grown-ups do with their phones, even if they don't have their own bank account yet.
Parents can help them by sending them money for chores and setting limits so they don't spend too much.
It's also designed to teach kids how to be smart with their money.
This permission is important because it means Junio Payments can now offer this cool new way for young people to learn about money and pay for things safely.
Junio Payments has received in-principle approval from the Reserve Bank of India (RBI) to issue prepaid payment instruments (PPIs).
This authorization allows Junio to launch its own digital wallet that can be linked to UPI for payments.
The wallet will primarily serve children, teens, and parents, aiming to integrate financial learning with payment convenience.
Users will be able to scan UPI QR codes and make payments even without a traditional bank account.
Junio competes with other fintech startups like FamPay and Walrus but differentiates itself with parental controls and gamified financial education.
- Who
- Junio Payments, a fintech startup founded by ex-Paytm executives Ankit Gera and Shankar Nath
- What
- Has secured an in-principle authorisation from the Reserve Bank of India (RBI) to issue prepaid payment instruments (PPIs), enabling it to launch its own digital wallet linked to UPI.
- When
- The article does not specify an exact date for the RBI approval, but mentions the co-founders also set up Securis Finance in March 2025.
- Where
- India
- Why
- To allow users, primarily children, teens, and parents, to make UPI payments and manage finances conveniently, integrating financial learning with digital payment tools.
Junio's Approach
Competitors' Approach
Target Audience and Financial Tools
Junio's Approach
Focuses on children, teens, and parents, integrating convenience with financial learning through a prepaid wallet linked to UPI, enabling payments without a bank account.
Competitors' Approach
Competes with startups like FamPay and Walrus, which also offer prepaid cards and UPI-based payment tools for minors, but Junio differentiates itself by combining digital payments with parental control and gamified financial education.
- Company
- Junio Payments
- Regulatory Approval
- In-principle authorisation from the Reserve Bank of India (RBI) to issue prepaid payment instruments (PPIs)
- Founded
- 2020
- Founders
- Ankit Gera and Shankar Nath (ex-Paytm executives)
- Target Users
- Children, teens, and parents
- Key Features
- UPI-linked wallet, scan any UPI QR code, payments without a bank account, parental controls, spending limits, expense monitoring, gamified financial education
- Funding Raised
- Approximately $8 million across three funding rounds
- User Base
- Over 20 Lakh users