Reliance Announces Digital Wallet Jio Money In India | TechTree.com

Reliance Announces Digital Wallet Jio Money In India

The company is planning to onboard at least 10 million merchants.

 

Mukesh Ambani announced a new merchant solution called Jio Money in India. According to the company, the service will live on 5th of December. It will enable millions of small businesses go cashless. In addition to this, the company will also launch Aadhaar based micro-ATMs across the country. The digital money wallet will be linked to a user's bank account.



In his address, Ambani said that Reliance welcomes government's "bold and historic" demonetisation scheme. He added that, "By doing this, our prime minister has given the strongest possible push to the growth of a digitally-enabled, optimal-cash economy in India." To minimise the inconvenience cased by this move, Reliance wants to build a digital retail ecosystem. The company planning to onboard at least 10 million merchants in the initial phase. He wants to see Jio Money payment system to be used at mandis, restaurants, bus, and railway ticketing kiosks.

Reliance might be late to the digital wallet game. The segment is currently dominated by PayTM and there are other players such as MobiKwik and Freecharge. However, considering the resources at Ambani's disposal, PayTM definitely has a reason to worry about.


TAGS: Reliance Jio

 
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