India's new 4G operator, Reliance Jio Infocomm is expanding its digital payment service, Jio Money Wallet with a partnership with a leading bank and the launch of a new app that supports new features for small and medium merchandisers.
Last Thursday, Reliance Jio signed a partnership with the Federal Bank to expand the Jio Money one-click payment service. The collaboration will enable the leading banks's customers to complete a mobile money transaction without pre-loading their wallet, which allows customers to pay directly from their account for the services offered through the wallet.
Reliance Jio Infocomm ventured into the mobile payment business with the launch of Jio Money wallet earlier in May this year to compete with the likes Paytm, PayU Money and Mobikwik. The JioMoney wallet enables sending and receiving money with other peers, besides allowing mobile recharges, bill payments, insurance premium payments and even online shopping.
At the same time, the Operator also launched a new payment app called Jio Money Wallet targeting 'kiranas' (mom-and-pop shops) across the country. Jio Money Wallet will work with these startups to leverage mobile payments for consumer transactions, facilitating seamless digital payments along with maintaining a history of each consumer. Jio Wallet's pilot run will comprise 1,400 such stores and is set to launch over the next couple of months, said the Operator.
