Fintech firm Jupiter Money has received final authorisation from the Reserve Bank of India (RBI) to start issuing prepaid payment instruments. This will enable Jupiter to provide users with digital wallets linked to UPI applications.
At present, Jupiter offers digital savings accounts in partnership with Federal Bank and CSB Bank, with features like UPI payments, co-branded credit cards, loans (co-lending), spend and asset trackers, and personalized goals saving feature.
Jupiter — which competes with other neobanks, such as Slice and Fi Money — had received in-principle approval from the RBI last year.
“PPI functionality today is almost equal to a bank account and has all the required facilities for a user to operate the account for most types of payments i.e UPI payments and gift cards. Through PPI , we intend to increase our user base significantly wherein users want to use accounts only for UPI & similar transaction purposes and operate a safe and risk free account,” said Jitendra Gupta, Founder and CEO, Jupiter.
Jupiter Money is a financial technology company, founded in 2019, by Jitendra Gupta. Jupiter currently has over 2 million customers. Its investor base includes names such as Nubank, QED (Capital One founding team), Sequoia Capital, Matrix Partners, MUFG Bank, and Mirae Assets, offering access to develop digital financial services franchises.
(Inputs from BL intern Meghna Barik)