Bengaluru-based Jupiter Money has received final authorisation from the Reserve Bank of India to start the issuance of prepaid payment instruments. This will allow Jupiter to provide users with digital wallets linked to UPI applications.
Jupiter—which competes with other neobanks, such as Slice and Fi Money—had received in-principle approval from the RBI last year.
"With this final approval, we shall soon be introducing the Jupiter Prepaid Account facility to our users in the coming months," the company said in a statement on Thursday.
"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, such as UPI payments and gift cards," Jupiter's Founder and Chief Executive Officer Jitendra Gupta said.
The company intends to increase user base 'significantly' through PPI, Gupta added.
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