RJio Launches UPI Payment Facilities On MyJio App
Reliance has announced UPI payment facilities via the My Jio app. The facility will be launched by the end of 2020 making Reliance Jio the latest tech company to join the UPI bandwagon. At present, Jio network has more than 370 million subscribers, the highest in India.
The feature can be easily activated by updating the app. However, unlike other UPI-led apps, users cannot utilise their existing UPI ids and will, have to create a new Jio UPI id.
The MyJio app also allows payments through Paytm, PhonePe, JioMoney, and the recently launched JioAutoPay. Jio's initiative is backed by the high peaked UPI transactions in India. In December 2019, the platform recorded 1.31 billion transactions valued Rs 2.02 lakh crore, registering a seven per cent growth over November.
Reliance Jio is also on a lookout for opportunities in the merchant payments space. Last year, it had launched a PoS device that allows merchants to accept cards and wallet payments from BHIM and Jio Money.
Reliance recently partnered with Hindustan Unilever, India’s largest FMCG company to increase the adoption of devices among retail stores. The process has been eased as customers now have to just scan a QR code to pay for their purchases at the store.
