Reliance has started offering 10 per cent cashback on shopping with JioMoney on Reliance Fresh and Reliance Smart stores across India. Interestingly, there will be no capping on the cashback earned. This move comes just days after the Indian government announced demonetisation of the large Rs 500 and Rs 1,000 currency notes.
India’s population still largely uses cash transactions to make purchases, and such customers will also be able to avail the cash back by utilising the cash loading points inside each store to pay via JioMoney and be able to earn the cashback of 10 per cent on the total invoice. The cashback will be credited in two working days
Reliance stores are also providing customers with cash loading points to shop and pay for items of any value with the high value note Rs 2,000. Customers can use the amount on JioMoney at over 50,000 online merchants and 70 plus billers. The money on the app can be utilised by making cashless payments for utilities, bill payments, insurance payments and e-commerce transactions, while also having the ability to make offline store payments.
If a customer does not wish to use JioMoney anymore, the unused amount in their account can be transferred to their bank account.
Mobile wallets have seen a boom in demand following the demonetisation of high currency notes, with established companies like Paytm reporting unprecedented growth within hours of the announcement. The government in an attempt to boost cashless transactions has increased the monthly wallet limit for users to Rs 20,000 recently – with a Rs 50,000 limit for merchants. JioMoney is among the newer players but is expected to get a boost when the Jio services come out of Beta mode in early January 2017.