look news india
Now the day is not far when your child will take out his phone and scan the QR code instead of asking you for cash to buy chips at the shop. Taking a revolutionary step in the world of digital payments, the Reserve Bank of India (RBI) Junio Payments has given in-principle approval to issue Prepaid Payment Instruments (PPI). After this approval, now the way has been opened for children and teenagers to use UPI, that too without any bank account.
How will this work? Understand in very simple language
it’s kind of ‘Digital Piggy Bank’ Which is specially designed for children, but its complete remote control will be in the hands of parents.
- Parents will transfer money: Junio will soon launch a digital wallet. Parents will be able to transfer children’s pocket money or money as per their need from their bank account to this wallet.
- Children will scan QR code: Children will be able to make payments easily by scanning the UPI QR code installed at any shop with their wallet.
This facility is being brought under NPCI’s ‘UPI Circle Initiative’, the objective of which is to teach children about proper management of money from an early age.
Parents have complete control, no need for tension!
The biggest feature of this app is that it not only gives children the freedom of digital payments, but also provides complete control to the parents.
- Set spending limits: Parents can decide how much money their child can spend in a day, week or month.
- Keep an eye on every expense: Parents will continue to get real-time information on the app about where, how much and what the child is spending money on.
Children will learn not only spending but also saving and earning.
Junio app is not just for spending money, but it also helps children understand the value of money and inspire them to save it.
- Task-Based Reward: Parents can give tasks to children for small household chores (like cleaning their room, completing homework), on completion of which money will be transferred to their wallet as a reward.
- Physical and Virtual Cards: Junio’s RuPay-branded cards are available in both physical and virtual forms, which can be used anywhere, online and offline.
already in the company more than 20 lakhs There are users, which shows its increasing popularity.
More features will be added in the future
Junio co-founder Ankit Gera said that getting approval from RBI is a big step towards fulfilling his vision. The company plans to add many more new features over the next few months, including:
- Reward points for saving
- Brand Vouchers
- Transit payment facility for traveling in metro and bus, so that children will be able to travel without cash.