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JioMoney to get UPI integration early in 2019
JioMoney UPI integration coming soon.
There's no denying that Reliance Jio brought in a lot of transformation in the Indian telecom space. To take this further, the company introduced a suite of apps to enhance the user experience further. It worked out in the intended way as the popularity of the telco increased not only to the affordable and unlimited plans but also because of the complimentary access to its digital services.
One such digital service is JioMoney, which is a digital payments app with useful features such as bill payments and direct money transfer. Now, it looks like this service is going to be enhanced with the UPI integration.
JioMoney UPI integration
As per a report by Entrackr, Reliance Jio is all set to get the UPI integration for its digital payment service. It looks like the company has sought approval for the same from NPCI (National Payments Corporation of India). Notably, NPCI is the umbrella organization regulating digital payments and settlement solutions in India.
The report citing two anonymous sources goes on stating that Jio has started with the early conversations with banks such as Axis Bank, ICICI Bank and State Bank of India to integrate UPI payments with JioMoney.
It also notes that if the discussions turn out in favor of Jio, then JioMoney could get the UPI digital payments capability in February 2019.
Competes with other UPI apps
This move makes us believe that JioMoney's UPI integration feature is aimed at making the app competent enough in the digital payments space. Notably, digital payment services such as Paytm, Google Pay and even the newly introduced WhatsApp Payment feature have the UPI facility. Given that the JioMoney has a lot of competition to face in this category, it is clear that the app has to undergo a major transformation to make itself noticeable in the sector.
We can expect the JioMoney UPI integration to work in favor of the company as the telco had announced a lot of offers and cashback on payments done using the app way back in 2016 when the service was launched.