After four months of testing through Reliance employees, Reliance Jio has launched its digital wallet service JioMoney for common people. Like already existing digital payment platforms (PayTm, FreeCharge, MobiQuik) JioMoney will allow people to make cashless transactions at various outlets including both online shopping platforms and offline stores.
Reliance has partnered with over 5000o merchants to enable transactions through JioMoney on their respective platforms.
Customers can scan a bar code on sales counter with their phone in order to make payment through JioMoney. They can also receive cashbacks, deals and coupons directly from local merchants to their wallet.
In addition to above, JioMoney also supports mobile recharges and pay bills of various operators including Airtel, Vodafone, Idea, BSNL, Reliance, MTNL, Aircel, Uninor, and Tata Docomo. People can also recharge DTH services, pay insurance premiums with the wallet.
Confirming the launch of Android app on Google Play store, a Reliance spokesperson said,
“This is the preview of our services which we are extending to a wider set of users. This is with the intent to test and learn in order to constantly improve customer experience,” a Reliance spokesperson said, confirming the launch.”
JioMoney wallet can also be used for transferring money to family, relatives or friends and JioMoney balance can be easily transferred into the customer’s bank account.
The digital wallet is also expected to aid in the functioning of upcoming payments bank of Reliance since it was one of the 11 companies to get the license of payment bank from RBI last year. It will allow customers to open a Digital Bank Account or link their existing account.
Clearly, with such a wide reach of merchants and backing of India’s largest brand Reliance, JioMoney wallet definitely has a potential to give tough competition to other digital wallets in the country.
One of the biggest competitors of JioMoney will be PayTm which has already become a top player in digital payments segment. Since last year, PayTm has also been rapidly expanding its network to reach local offline merchants and introduce its services at their sales points.
Moreover, PayTm has got a major head start over others in payments bank business which is scheduled to be launched later this year while there is little information on the plans of other companies which had got the license from RBI last year.