Chandrakant 'CK' Isi
21:59 01st Dec, 2016
Reliance Announces Digital Wallet Jio Money In India | TechTree.com
Reliance Announces Digital Wallet Jio Money In India
The company is planning to onboard at least 10 million merchants.
Mukesh Ambani announced a new merchant solution called Jio Money in India. According to the company, the service will live on 5th of December. It will enable millions of small businesses go cashless. In addition to this, the company will also launch Aadhaar based micro-ATMs across the country. The digital money wallet will be linked to a user's bank account.
In his address, Ambani said that Reliance welcomes government's "bold and historic" demonetisation scheme. He added that, "By doing this, our prime minister has given the strongest possible push to the growth of a digitally-enabled, optimal-cash economy in India." To minimise the inconvenience cased by this move, Reliance wants to build a digital retail ecosystem. The company planning to onboard at least 10 million merchants in the initial phase. He wants to see Jio Money payment system to be used at mandis, restaurants, bus, and railway ticketing kiosks.
Reliance might be late to the digital wallet game. The segment is currently dominated by PayTM and there are other players such as MobiKwik and Freecharge. However, considering the resources at Ambani's disposal, PayTM definitely has a reason to worry about.
TAGS: Reliance Jio
- DRIFE Begins Operations in Namma Bengaluru
- Sevenaire launches ‘NEPTUNE’ – 24W Portable Speaker with RGB LED Lights
- Inbase launches ‘Urban Q1 Pro’ TWS Earbuds with Smart Touch control in India
- Airtel announces Rs 6000 cashback on purchase of smartphones from leading brands
- 78% of Indians are saving to spend during the festive season and 72% will splurge on gadgets & electronics
- 5 Tips For Buying A TV This Festive Season
- Facebook launches its largest creator education program in India
- 5 educational tech toys for young and aspiring engineers
- Mid-range smartphones emerge as customer favourites this festive season, reveals Amazon survey
- COLORFUL Launches Onebot M24A1 AIO PC for Professionals