Reliance Jio Infocomm, the telecom arm of Mukesh Ambani-led reliance Industries Ltd (RIL) has now entered the payment services business with the launch of a UPI-powered payment system for customers.
The service, which is currently available to select users, will soon be made available to all Jio subscribers, reports said without specifying the timeline.
Jio will be the first telecom operator and the second payments bank to offer UPI-enabled services. The company already has a wallet service, called JioMoney.
The company, according to the report, has integrated UPI services into its MyJio app. Jio subscribers using the service will get a virtual payment address (VPA) with @Jio at the end. The service just like from all other players requires a users mobile number and debit card number attached with a bank account.
To recall, WhatsApp was in talks with NPCI to launch its own payments service before Jio, however, it did not get the final nod from NPCI. This was because of the uncertainty over data localisation and other regulatory hurdles.
The entry of Jio in UPI payment services could be a big boost to NCPI whose UPI services grew 3 times in 2019 compared to the previous year. This year it is expected to surpass that considering the entry of Jio and the speculative entry of WhatsApp UPI Payments. Source: https://www.domain-b.com/
