RBI allows Junio wallet for children: They can do UPI payments without bank account
All financial advisors are unanimous in their view that financial discipline is a subject with which one should familiar from a young age. And now to facilitate this inculcation, Reserve Bank has approved Junio Payments, a digital wallet. Read on to know more for your id.
Kolkata: A UPI payment without a bank account, and that too for children! If that sounds quite incredible, Reserve Bank of India has actually approved Junio Payments, a company to launch a digital wallet with the help of which children, who do not have a bank account, can make payments via UPI QR codes. This step will not empower children to make digital payments but also help parents to impart in them lessons in financial discipline. And who doesn't know that financial discipline is the bedrock on which financial freedom rests.
The app has been launched under the UPI Circle Initiative of National Payments Corporation of India. It allows parents to link their bank accounts to the Junio wallet of their child. Junio Payments co-founders Ankit Gera and Shankar Nath think that it will make children financially responsible. The company plans to add more features to the platform in the future to make it a complete financial education tool for children. Already about 20 lakh apps are in use, according to reports.
What is Junio Payments?
Junio Payments is more than just a digital wallet, It is a smart platform for teaching children financial discipline. Through this app, parents can send money to their children and more important, set spending limits. They can monitor each transaction that their child does. This helps children learn about proper money management and budget management from an early age. An adult can transfer the child's pocket money to the Junio wallet, which can be used for any payment say at school canteen, online subscriptions or just about any need by scanning a QR code.
Features of the app
The following are the beneficial features of the Junio app:
Creating saving goals: A child can set financial goals, such as buying new books, gadgets, or saving money for a trip.
Reward/assigning task: A parents can transfer money to a child as a reward for completing a task or responsibility.
Monitoring: Real-time notifications are sent for every transaction to the parent. This allows parents to monitor the expenditure pattern of the child.
The company plans to add more features to the platform in the future to make it a complete financial education tool for children.