Fintech company Jupiter Money gets RBI nod for issuing PPI

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.