Neobanking startup Jupiter gets RBI nod for mobile wallet licence
neobanking startup Jupiter has secured a prepaid payments instrument licence from the Reserve Bank of India. This will allow the Bengaluru-based startup to offer digital wallets to its users for making UPI payments, transferring funds, besides paying bills.
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Confirming the RBI approval, Jupiter founder Jitendra Gupta said the company will be introducing a prepaid account facility in the coming months.
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Armed with the PPI licence, Jupiter intends to build new use cases on the app, which currently offers digital savings accounts, UPI payments and financial management. The central bank allows PPI accounts with full KYC to undertake activities almost similar to a bank account, including UPI payments.
Customers can operate a
