Published: January 21, 2020 6:06:15 pm
Reliance Jio according to a new report by Entrackr has launched a UPI-powered payments space, which offers customers to make payments via UPI. The feature according to the report is currently available to select users, however, it will soon be made available to all Jio subscribers.
We tried to check if the service was live for us, however, we’re unable to spot it. Reliance Jio when contacted did not confirm or deny the development.
If this report is true, then Jio will become the first telecom operator and the second payments bank to have UPI services enabled. The company already has a wallet service, called JioMoney.
The company according to the report has integrated UPI services into its MyJio app. While using the service, Jio subscribers 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.
UPI services grew by 3 times in 2019 compared to last year. This year it is expected to surpass that considering the entry of Jio and the speculative entry of WhatsApp UPI Payments.
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