Even if you don't have a bank account, you can still make payments using UPI. Learn how children can make online payments.

UPI Without Bank Account: The RBI has now launched an app that will allow children to make online payments even without a bank account. This app will teach them financial understanding and responsibility.

Imagine your child making online payments for their small needs without a bank account. This isn't just a dream; it's about to become a reality. The RBI has approved Junio Payments Private Limited for a digital wallet service that will allow children to make UPI payments. Now, they can make online purchases by scanning a QR code linked to their parents' account. This is not just a convenience, but a new way to teach children financial understanding and responsibility. Let's learn how it works.

Now, payments are possible even without an account.

India is among the world's leading countries in digital payments. Today, from small shops to large malls, people are using digital payments. While this typically requires a bank account, a new RBI initiative will now make online payments possible even without a bank account.

Children Can Make Payments

The RBI has granted Junio Payments Private Limited permission to launch digital wallet services. This new wallet allows children to make payments by scanning a UPI QR code without a bank account. This feature is integrated with NPCI's UPI Circle initiative, allowing parents to link their UPI accounts to their children's wallets.

What is its purpose?

Junio Payments' purpose isn't just to facilitate payments; its purpose is to teach children and young adults financial savvy. Ankit Gera and Shankar Nath launched this app to help children learn responsible spending and saving habits. Parents can transfer money to the app, set spending limits, and monitor each transaction.

The Junio app offers features like task rewards and savings goals. Through this, children learn in a practical way how to save money, control spending, and develop financial understanding at an early age. More than two million young people have used this app so far.

How does Junio Wallet work?

Parents will link their UPI account to their children's wallet.

Children can make payments at any store or online platform by scanning a QR code.

Pre-set spending limits prevent children from overspending.

The app keeps a record of every transaction, allowing parents to monitor transactions.

The biggest advantage of this feature is that children can become part of the digital world even without a bank account. This initiative not only simplifies the payment process but also instills financial discipline and understanding in children. In the digital age, this step is crucial for teaching children the correct identification of money, spending and saving habits, and responsibility.

This app may receive further updates in the future.

In the future, Junio Payments and NPCI may collaborate to introduce new features, such as online withdrawals and linking savings plans to the wallet. This will gradually help children develop financial literacy. Parents can also use this system to monitor their children's finances and instill smart and safe digital usage habits. This new digital feature will make online payments safe, simple, and educational for children. This step marks a significant shift towards digital financial inclusion in India.