Hey All,
Earlier this year, I was finding it difficult to figure out how to enable a UPI (Unified Payments Interface) app like Google Pay on the mobile phone used by my kids. I didn’t want to link my primary bank account directly to their phone number. Instead, I was looking for an option where I could load a limited amount of money, allowing that phone to function as a payment mode similar to how UPI systems work. And to my surprise, I couldn’t find any such option. I eventually had to use one of my bank accounts with a smaller balance and link it to my kids’ phone number. This way, UPI got successfully activated on their phone, and they were now ready to make digital payments for small purchases, whether it was for snacks, stationery, or other minor expenses. Recently I came across this news where Junio Payments gets RBI [Reserve Bank of India] in-principle authorisation to issue prepaid payment instruments. What it means that the company Junio Payments Pvt Ltd (JPPL), a wholly owned subsidiary of FirstPay Technologies, will enable and roll out a digital wallet linked to UPI, allowing users particularly teenagers and young adults to scan UPI QR codes and make payments even without a bank account. How cool is this?
Once this feature is enabled, I’ll definitely leverage it for my kids and remove my bank account authorization from their mobile phones. What a relief that would be as a parent, I wouldn’t need to worry about unauthorized transactions or accidental payments anymore. Already in the market they have this product which they name it as Junio Smart Card - child's own smart card for all their online and offline expenses. In brief a the Smart Card for Child's pocket money. Their moto is to help our child grow into a financially responsible adult. The smart card provide various features and is not limited to the ones being described as below.
Junio Smart Card - Key Features and Services
Prepaid RuPay Card: the Child's Own Smart Card. A virtual card is provided instantly upon registeritation and fulling the KYC [Know Your Customer] details. The physical card is ordered as a physical RuPay co-branded card (EMV, NCMC, or metal options available for a one-time fee.
Parental Controls: There is this Junio App as well that provides parental control on the transactions limits, monitor transactions in real-time, and automate monthly allowances. Parents can also transfer money to the child's account and set spending limits (e.g., a monthly limit of ₹10,000, which can be increased to ₹3 lakh with full KYC)
Rewards and Financial Education: The company is providing many offers and one such is 1.5% cashback on spending, discounts on various brand vouchers from food, fashion, electronics, etc. It also allows childrens to earn pocket money by accomplishing tasks set by their parents.
Additional Financial Tools: this feature has more to do with earning interests from the fixed deposits starting at ₹5,000. The earned interest can be used to perform mobile recharges and bill payments through the app.
Allowance on autopilot: Parents has the flexiblity to set allowances on autopiolt. Weekly or monthly, you can set it and forget it.
Real Time Notifications: get real time notifications any time whenever the card is used.
UPI Integration: As stated above Junio has received in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs), and this will enable it to launch a digital wallet linked to the Unified Payments Interface (UPI) & hence this is coming soon. So stay tuned...
Overall, I feel this is a great add-on and having this smart card for kids makes digital payments safer and more manageable. Once UPI integration is in place, it gets even better. I personally like the rewards and cashback options offered, along with the excellent parental controls that give peace of mind and financial discipline to kids. Ok this should be it for todays post on - "Junio - Pocket Money Card & Payments App designed for Students..." Let me know in comment box below if you happen to have this Junio Smart Card for your kids and how has your expereince been with it... Happy Parenting... Cheers
Image Courtesy: Junio, moneycontrol
Best Regards
Paras