RBI to soon allow teens and minors to make payments via UPI even without bank accounts
RBI has given in-principle approval to Junio Payments to issue prepaid payment instruments (PPIs), paving the way for UPI-linked wallets for teens and minors to make payments without bank accounts. The PPIs, available in both physical and digital formats, will support offline, online and tap-to-pay payments. They'll also allow parents to set spending limits and monitor their kids' transactions.