Reliance Jio Infocomm has started testing its new mobile wallet service, Jio Money Merchant which is targeted for merchants like taxi drivers, restaurants, and grocery stores. The service lets businesses accept payments via its Jio Money app which is available on Reliance Jio's store and can be downloaded on Android phones.
Merchants will be provided with a mobile point of sale (mPOS) dongle, which is a wireless device that needs to be connected with a computer, tablet, laptop or a smart phone. According to Reliance Jio, the owner will have to register his mobile number and name with Jio Money Merchant and upload documents for 'know your customer' (KYC). After verification of the documents, the company will provide merchants with a Merchant Identification Number (MID).
The merchant will then be able to receive payments from customers through debit cards, credit cards, or the soon to be launched Jio Money card. Additionally, merchants may also offer discount coupons to customers, through the app.
Earlier in August this year, the operator announced the acquisition of a payments bank license with the largest bank in the country, State Bank of India in August to boost its digital payments business.
