After establishing its supremacy in the telecom space, Reliance Jio has now made its way into UPI-powered payments space. With the UPI-payments service, the Mukesh Ambani-led telco would compete with the likes of Google Pay, Phone Pay, Paytm, and others. The new feature comes integrated into MyJio app which contains other popular apps such as JioCinema, JioTV, and JioCloud. As of now, the feature is available only to select users and would be rolled out to all the Jio customers in the coming days.
Jio UPI-Payment Service: Complete details
The Jio UPI powered payment service would be available to its 370 million subscribers. By introducing this feature, Reliance Jio has now become the first Indian telecom operator and second payments bank to have enabled UPI payments service. Facebook-owned WhatsApp has been in talks to launch the payments service earlier. However, it did not receive the approval from NPCI, owing to some regulatory hurdles.
The Jio UPI works similarly to any other payment feature. After the sign-up process, the user needs to generate a Virtual Payment Address (VPA) with the UPI handle@Jio. After that, the user needs to link his existing bank account or debit card with the app for UPI based money transfers. The feature would also assist in making Jio recharges as well.
The Scenario of the UPI Ecosystem in India
The UPI ecosystem in India has been at the center of intense competition. The leading players, like Google Pay, Phone Pay, and Paytm have been battling it out to gain a significant market share. Now, with the latest entry of Reliance Jio, the competition further intensifies. With WhatsApp rearing to enter into this space, expect the UPI ecosystem to witness more success in the coming days. Although Google Pay leads the charts, when it comes to value transactions, it may not take much time before Jio overhauls it.