Junio Payments Gets RBI Nod To Issue Prepaid Payment Instruments

Fintech startup Junio Payments has secured an in-principle authorisation from the Reserve Bank of India (RBI) to issue prepaid payment instruments (PPIs). The startup said that the RBI nod serves a key regulatory milestone and paves the way for it to launch its own digital wallet.

With this clearance, Junio plans to roll out a wallet linked to UPI, allowing users to scan any UPI QR code and make payments even without a bank account. The wallet will primarily serve children, teens, and parents, integrating convenience with financial learning.

For context, PPIs enable users to purchase goods and services, transfer funds, or make remittances against the value stored in the instrument. By gaining this nod, Junio joins a select group of fintechs authorised to issue such instruments under the RBI’s tightened digital payments framework.

“This in-principle authorisation from the RBI is more than a regulatory nod — it’s an affirmation of our vision to reimagine how the next generation experiences money. Prepaid wallet is more powerful now as it can be linked for UPI payments,” Junio Payments’ cofounder and CEO Ankit Gera said.

Founded in 2020 by ex-Paytm executives Gera and Shankar Nath, Junio offers a smart card and app-based payment platform designed for children and teenagers. The platform enables parents to digitally transfer pocket money, set spending limits, and monitor expenses in real time. 

It aims to help kids build responsible financial habits through guided, real-world spending experiences. Junio claims to have over 20 Lakh users on its platform.

The startup has so far raised around $8 Mn across three funding rounds from investors such as NB Ventures, the Rajiv Dadlani Group, Kunal Shah (Cred), and Yashish Dahiya (PolicyBazaar).

Besides Junio, Gera and Nath also set up a separate NBFC subsidiary, Securis Finance, in March 2025. Securis operates under Junio’s parent FirstPay Technologies and is dedicated to provide education financing solutions for teenagers across India. 

The RBI-approved NBFC offers flexible education loans to make quality education accessible to all and aims to serve a clientele of 10,000 students every year.

Meanwhile, Junio Payments operates in a growing niche fintech market, competing with startups like FamPay and Walrus, both of which offer prepaid cards and UPI-based payment tools for minors. However, Junio differentiates itself by combining digital payments with parental control and gamified financial education.

Targeting India’s rapidly digitalising youth population, the startup positions itself as the go-to financial companion for young users. With the PPI approval, the startup now has the regulatory foundation to scale its offering and deepen its footprint in the youth payments ecosystem.