Junio gets RBI approval to operate as PPI provider
06 Nov 2025, 12:50 PMThe approval paves the way for Junio to roll out a digital wallet service integrated with the Unified Payments Interface (UPI).
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Junio Payments Pvt Ltd has received in-principle approval from the Reserve Bank of India (RBI) to operate as a prepaid payment instrument (PPI) issuer.
The approval paves the way for Junio to roll out a digital wallet service integrated with the Unified Payments Interface, said Junio in a statement.
This will then enable users to scan QR codes and complete transactions without holding traditional bank accounts—a significant accessibility boost for younger demographics.
The planned wallet feature complements the National Payments Corporation of India's UPI Circle program, which allows young people to conduct UPI transactions through their parents' linked accounts.
Junio, which was founded by Ankit Gera and Shankar Nath, says that it serves more than 2 million young users through its mobile application and co-branded RuPay prepaid cards—available in both physical and virtual formats.
The service helps parents to send funds, establish spending boundaries, allocate task-based allowances, and track transactions in real-time, creating a framework for developing sound financial habits from an early age.
"Receiving this preliminary authorization validates our approach to reshaping how young people interact with money," said Gera in the statement.
Junio, which is a 100% subsidiary of FirstPay Technologies Pvt Ltd, last raised $6 million in a pre-Series A round led by UAE-based NB Ventures.
Earlier in May, ZikZuk received in-principle approval from the RBI to issue PPI. In October last year, Cashfree received regulatory approval to operate as PPI provider.
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