The Reserve Bank of India (RBI) has given the neobanking startup Jupiter final approval to begin issuing prepaid payment instruments (PPIs).
Jupiter will now be able to provide its users with digital wallets so they may make UPI payments.
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Jupiter now offers digital savings bank accounts with built-in money management tools, such as the ability to maintain liquid assets across bank accounts, transfer and receive money via UPI, and track real-time spending data.
With these tools, users can fund their accounts with up to Rs 2 lakh and make UPI payments. Smart cards, magnetic stripe cards, mobile accounts, mobile wallets, online accounts, paper vouchers, and any other device that allows access to the prepaid amount can all be used to issue them.
Jupiter’s operating revenue increased from Rs 18.85 crore in FY22 to Rs 48.86 crore in FY23. Its losses increased from Rs 163.94 crore to Rs 327 crore throughout that time.
Jitendra Gupta, Founder and CEO, Jupiter, said: “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 and similar transaction purposes and operate a safe and risk-free account,”
About Jupiter
Founded in 2019 by Jitendra Gupta, Jupiter is an all-things money app with one simple aim – to deliver a financial experience that keeps pace with you.
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