After ruling the telecom space, and then entering the broadband, e-commerce (AJio) and smartphone segment looks like Jio now wants to make its way to the payment sector. According to a new report coming from Entrackr, Reliance Jio has launched a UPI-powered payments space, which offers customers to make payments via UPI. The feature according to the report is currently available to select users only. The report, however, notes that the service will soon be made available to all Jio subscribers. No specific timeline has been stated.
We at indianexpress.com contacted Reliance Jio. The company didn’t comment on the UPI payment development nor did they deny it. Now that the company is seen testing the service, we can expect it to be available to all users in the days to come.
If this report is true, then Jio will become the first telecom operator and the second payments bank to have UPI services enabled. The company already has a wallet service, called JioMoney.
The company according to the report has integrated UPI services into its MyJio app. While using the service, Jio subscribers will get a virtual payment address (VPA) with @Jio at the end. The service just like from all other players requires a users mobile number and debit card number attached with a bank account.
To recall, WhatsApp was in talks with NPCI to launch its own payments service before Jio, however, it did not get the final nod from NPCI. This was because of the uncertainty over data localisation and other regulatory hurdles.
UPI services grew by 3 times in 2019 compared to last year. This year it is expected to surpass that considering the entry of Jio and the speculative entry of WhatsApp UPI Payments.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines