Merchants Can Receive Payments through the JioMoney Merchant App

India is rapidly transforming into a digital nation and emerging brands like Mukesh Ambani led Reliance Jio are paving the way for the same. The telecom brand, although a new entrant in the market has largely contributed to the Digital India program initiated by the Indian Government. One of Jio’s main motives is to digitize the economy and Mukesh Ambani considers the government’s demonetization move as the first step towards this.

Easy transactions on Jio’s wallet apps

Jio is already introducing customers to digital payment methods through the JioMoney application. The app has received an overwhelming response, considering its extensive customer base.  Very recently, the brand also launched the JioMoney Merchant app. This application will make it possible for retailers associated with Jio to receive payments made by customers on the JioMoney app. It also serves the function of allowing merchants to complete supplier transactions. The app will digitize all transactions, be it at ticket counters or even shops. The JioMoney and the JioMoney Merchant app both operate when linked to a bank account, debit card, or credit card. Money can also be sent from either of these accounts to a user’s bank account.

Efforts to digitize India

Jio aims to tie-up with more than 10 million merchants across different businesses. It intends to tap into 4 lakh villages and 17,000 towns across India through these applications. Additionally, Jio is also on its way to installing micro-ATMs that function on an Aadhar card-based system to facilitate digital transactions across different places.

Jio Payments Bank Limited

But, Reliance Jio does not intend to stop at digital wallet apps only. The company, together with leading banking company State Bank of India will be launching Jio Payments Bank Limited. Reports by IE confirmed that the banking venture received approval in September, 2015 from the Reserve Bank of India. The venture is expected to develop to a large extent owing to Jio’s extensive user base as well as SBI’s large-scale reach in the country. Jio Payments Bank has seven members as part of its Board of Directors. This team also includes Manju Agarwal, H Srikrishnan, Rajendra Kumar Saraf, Manisha Girotra, and Sethurathnam Ravi, among others. All these members have an extensive knowledge of the banking sector and have been affiliated with some of the most renowned companies in the country.

Chairman and Managing Director of Reliance Industries Limited (RIL), Mukesh Ambani also announced that RIL’s telecom arm will be launching the Jio Happy New Year Offer. This offer is slated to be an extension of the previous welcome offer and will be active till the end of March 2017. Current as well as new Jio users will be able to avail of free data, calling, and application services till this period. The offer is also expected to raise the competition in the telecom industry because of Jio’s free services.

Summary

The newly launched JioMoney Merchant app will allow merchants to accept product payments made by customers from the JioMoney app.

Advertisements

Tags: , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: