Ever since it arrived on the scene, Reliance Jio has caused the Indian telecom landscape to change massively. While the primary reason for Jio’s popularity is undoubtedly the telco’s affordable and unlimited plans, the fact that they offer more than just calls and data makes things even better. All Jio plans come with complimentary access to the telco’s full suite of digital services, one of which is JioMoney. The digital payments app is quite useful, having features like direct money transfer and bill payment facility. And if the latest news is any indication, it’s about to get even better.
According to a report by Entrackr, Reliance Jio is working towards introducing UPI (Unified Payments Interface) integration in its JioMoney app. For the same, it’s even sought approval from National Payments Corporation of India (NPCI), the umbrella organization that regulates digital payments and settlement solutions in the country.
“Jio has begun early conversation with banks including ICICI Bank, Axis Bank, and State Bank of India for integrating UPI-powered payments facility in JioMoney,” two anonymous sources were quoted as saying in the Entrackr report.
The sources reportedly also said that if all goes well, JioMoney could get support for UPI-based digital payments as early as February 2019.
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With its plans of integrating UPI into JioMoney, it’s clear that Jio is aiming to replicate the success it has achieved in the Indian telecom sector, in the country’s digital payments space as well. However, with competitors like Paytm and Google Pay getting increasingly popular by the day, JioMoney won’t be having an easy time creating a space for itself in this sector.