Reliance Jio launches UPI payments feature on MyJio app
HIGHLIGHTS
- Reliance Jio launches UPI payment features, to compete against payment apps such as Paytm and Google Pay
- Reliance Jio introduces UPI payment option to MyJio app for competing rivals like Google Pay
- Reliance Jio enters in the UPI payment option arena with its app. Here is everything you need to know
Reliance Jio as a brand name in India for Jio connections now allows UPI payments through its MyJio app. With this, Reliance Jio becomes the first telecom operator to facilitate digital UPI payments through its platform. It has launched the high-end feature on the MyJio app rather than its wallet app, JioMoney.
In order to access this feature, Reliance Jio users will need to create a new UPI ID from their app. The UPI ID will probably end with ‘@Jio’. After completing the sign-up process for UPI transactions, users can enter their bank account number. Lastly, they have to add their mobile number and card information to generate a UPI pin and begin making payments through UPI by Reliance Jio App.
How it Benefits Reliance Jio?
Reliance following its tie-up with SBI back in the year 2018, and the launch of its wallet app my JioMoney. On the other hand, it introduced UPI payments by seeing the success of its simple app. Hereby, they will further enhance Jio’s hold over the digital payments niche by the new UPI payment app.
Jio measures that there are more than 1.3 billion transactions worth more than Rs. 2 trillion, were conducted through UPI in December 2019, according to NPCI (National Payment Corporation of India).
Jio already has a giant subscriber base to pitch by the platform of Jio telecom connections. As per a recent report by TRAI (Telecom Regulatory Authority of India), Reliance Jio is currently the largest telecom operator in the Indian market with 36.9 crore mobile subscribers as of November 2019. Therefore, it is easy for them to enter into the payment market and act as a portal to UPI transactions by Jio app.
The apps that are already present in the market such as Google Pay, Paytm, and PhonePe are quite popular in India, so it is somehow a new challenge for Reliance Jio to compete in the market. Additionally, WhatsApp is also expected to launch its payment services soon in India, hence, it will be interesting to see how Reliance Jio competes against all the contenders.
