Reliance Jio launches digital wallet service- JioMoney

Reliance Jio, owned by Mukesh Ambani, has been in the news lately for various reasons. The latest one being, the launch of its digital wallet service, JioMoney Wallet, for Indian consumers. It comes after its introduction of its 4G services to the public through an employee-driven invite system.

So after launching messaging app Jio Chat, Reliance Jio has launched JioMoney app on Google Play Store and Apple App Store.

JioMoney Wallet service has already signed up for more than 50,000 online merchants. So, you could soon start using the services on transactions at online marketplaces such as Flipkart, Amazon, and Snapdeal. Trusted sources from within the company claim that it will also be accepted at thousands of offline stores across India.

The wallet service will enable customers to make bill payments, mobile recharges and insurance premium payments, as well as do online shopping. One can also use it to send and receive money to and from family and friends.

Reliance Jio tested the app internally before launching it for general public at large. Till now, the wallet service was being used at company cafeterias and at the Reliance Retail unit by Reliance Industries employees.

The mobile wallet market in India is going through a very interesting phase. It will give Reliance Jio access to the Rs 350-crore and growing mobile wallet market. Not to forget, Reliance had earlier acquired a payments bank licence in partnership with State Bank of India, which will be an advantage to accept deposits as well.