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Reliance Jio the First Telecom to Launch UPI Payments Feature
India's largest telecom operator Reliance Jio is all set to join the UPI bandwagon.
India's largest telecom operator Reliance Jio is all set to join the UPI bandwagon. Reliance Jio has rolled out a UPI payments facility for selective users. This feature is available in the MyJio app and can be acquired through an update. Remarkably, the MyJio app also allows "hassle-free payments" through Paytm, PhonePe, JioMoney, and the recently launched JioAutoPay (for recurring payments). When a Reliance Industries spokesperson was enquired about the same she didn't comment anything about it, she said, "No comment on this." By the end of this year, we can expect the facility to launch widely. Currently, Jio network has the highest subscribers in India, more than 370 million.
Jio's made an entry into the UPI area when UPI transactions in the country are at a peak. The platform recorded 1.31 billion sales in December 2019, registering a seven per cent growth over November. The total value of transactions also improved to reach Rs 2.02 lakh crore.
In addition to its B2C services, Mukesh Ambani owned Reliance Jio is also considering to dabble in the merchant payments space. In 2019, it had launched a PoS device that allows merchants to accept cards and wallet payments from BHIM and Jio Money. As soon as Jio UPI gets released, it may be enabled at PoS terminals as well. As per reports Reliance has partnered with India's largest FMCG Company, Hindustan Unilever, to upturn the adoption of devices among retail and Kirana stores. Customers need to scan a QR code to pay for their purchases at the store.
