Reliance Industries Chairman Mukesh Ambani on Thursday announced Jio Money – a merchant solution that he claims will be available across millions of touchpoints in the country. Aadhaar-based micro-ATMs will also be launched to help facilitate Jio Money.
In his address, Ambani said merchants will be empowered to create a digital ecosystem and starting December 5, merchants can download this app. The target is to have at least 10 million merchants on the platform, Ambani said.
“To enable low-value, high-volume transactions, merchants, especially small merchants, are important component of economy. To fuel their transactions, Jio is working to empower Indian merchants by building a digital retail ecosystem which we are calling Jio Money Merchant Solutions. This will enable digital transactions of all types, whether they be at Mandis, Small shops, Restaurants. Railway ticket counters, for Bus and mass transit and even for person-to-person money transfers,” he said.
In September 2015, the payments bank had received an in-principle approval from the Reserve Bank of India, with a validity of 18 months, within which it was to be set up. Rival Airtel’s Payments bank has already started on a pilot basis in Rajasthan.
The announcement comes three months after the company officially rolled-out its telecom service Jio, that’s entirely based on the 4G LTE network.
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During his address to shareholders, Ambani had then said Jio services would be free till the end of December and voice services will be free for life.
Meanwhile, The Indian Express on Thursday reported the incorporation of Jio Payments Bank Ltd, a joint venture of Reliance Industries Ltd, and State Bank of India. It was incorporated on November 10, according to documents filed with the Registrar of Companies (RoC).
The base data plans, post January 1, will begin at the lowest rate of Rs 50 per GB and Rs 149 per month for basic data users.