Reliance Jio is reportedly launching UPI supported payments service. A report suggests are the company has introduced an option on its MyJio app and is being tested with select users. From the looks of it, Jio is aiming to counter the likes of Google Pay and other apps enabled with UPI payments.
Jio UPI Payments
A report by Entrackr further notes that the telecom is providing the select users with a virtual payment address or VPA that tags along with UPI handle @Jio. The payments venture from Reliance is no surprise as the company was in talks with banks like Axis Bank, SBI, and ICICI Bank to facilitate UPI payments through the MyJio app.
Some of the screenshots released by the report reveal the new option that's available alongside access to the existing services like JioEngage, JioCinema, and JioSaavn. When the user successfully signs up for the payments feature, they are said to receive a VPA with a UPI handle @Jio.
While signing up, users are asked to choose from their bank accounts that they wish to link with their UPI ID. Mobile number, debit card number attached to the bank account, and other details are required while signing up. Once all the details are furnished, the UPI PIN will be generated that can be used for future transactions.
Competing With Google Pay
The entire setup process for UPI payments on the MyJio app looks quite similar to what we have on payments platforms like Google Pay, Paytm, and so on. Currently, Jio has a large number of users, roughly more than 36.9 crores mobile subscribers and is a popular telecom in India. The move might directly affect Google Pay, despite the freebies and scratch cards by GPay.
The Jio UPI payments would boost the payments in India. The National Payments Corporation of India (NPCI) reports more than 1.3 billion transactions worth over Rs. 2 trillion were registered in December 2019 alone. Once rolled out throughout the country, it will further boost the digital payments in India.