North India Statesman
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Gone are the days when children had to ask their parents for cash or change to buy chocolates or toys. A big and interesting change is going to happen in the world of digital payments. Reserve Bank of India (RBI) Junio Payments A company named has been given permission to launch such a digital wallet, through which even children without any bank account will be able to easily make payments at shops by scanning the UPI QR code.
This initiative is not only about providing digital payment facilities to children, but also about teaching them proper use of money and financial discipline from an early age.
How will this work? Understand in very simple language
This is a kind of ‘Digital Piggy Bank’, which has been created for children, but its complete control will be in the hands of the parents.
- Parents will transfer money: Parents will be able to transfer pocket money or money as per need from their bank account to their children’s digital wallet through the Junio app.
- Children will scan QR code: Children will be able to purchase any item at the shop and make payment directly from their wallet by scanning the UPI QR code.
Parents have complete control, no need for tension!
The biggest feature of this app is that it gives freedom to the children, but also provides complete control to the parents.
- Set spending limits: Parents can decide how much money their child can spend in a day or a week.
- Keep an eye on every expense: Parents will continue to get real-time information on the app about where, how much and what the child is spending money on.
- Means of teaching responsibility: With this, children will understand the value of money and learn to spend responsibly.
Children will learn not only to spend but also to save.
Junio app is not just for spending money, but it also motivates children to save and earn. It has many great features:
- Saving Goals: Kids can set a savings goal for something they enjoy (like a video game or toy).
- Task Rewards: Parents can give tasks to children for small household chores (like cleaning their room), on completion of which money will be transferred to their wallet as a reward.
Till now, more than 20 lakh youth have joined this app, which shows its increasing popularity.
Junio Payments co-founders Ankit Gera and Shankar Nath say that their aim is to teach money wisdom to children, so that they can become financially savvy citizens in the future. This step is a major initiative towards taking the dream of ‘Digital India’ to the next generation.
