Jupiter Money, a neobanking FinTech startup, has announced that it has received the final authorization from the Reserve Bank of India (RBI) to begin issuing Prepaid Payment Instruments (PPIs). This milestone allows Jupiter to roll out a Prepaid Account facility for its users in the upcoming months.

The RBI had granted Jupiter in-principle approval last year, with the final nod coming through on Thursday. PPIs are tools that enable the purchase of goods and services, facilitate financial transactions, and support remittance services, all backed by the stored value within them.

Jupiter Money’s Founder & CEO, Jitendra Gupta, commented on the development, stating, “PPI functionality today is almost equivalent to a bank account, offering all necessary facilities for users to conduct various types of payments, including UPI transactions and gift cards. We aim to expand our user base significantly by catering to those who prefer using accounts mainly for UPI and similar transactions, ensuring a secure and risk-free experience.”

Currently, PPIs allow users to transfer up to INR 2 lakhs, making them a potent instrument in advancing the RBI’s goals of promoting financial inclusion and expanding digital payment adoption in India. The recent RBI announcement permitting PPIs to be linked through UPI applications positions FinTech companies like Jupiter for significant growth in the next phase of their development.