An important milestone in India’s digital payments industry has been reached with the Reserve Bank of India’s (RBI) clearance for Jio Payment Solutions Limited (JPSL), a division of Jio Financial Services, to function as an online payment aggregator.
Under Section 7 of the Payment and Settlement Systems Act of 2007, JPSL is authorized to process digital transactions as of October 28, 2024.
Jio Payment Solutions Gains RBI Approval to Function as Online Payment Aggregator
Jio Finance shares rose 1.45% on Tuesday to trade at Rs 321.45 a share after this announcement.
Jio has a chance to take a larger share of the market for digital financial services since Paytm’s operations are being impacted by regulatory issues.
With more than 1.5 million active users, Jio Payments Bank, a division of Jio Financial Services, offers digital savings accounts with biometric authentication and a physical debit card.
By providing full banking services via Jio Payments Bank’s savings account platform, Jio Financial Services (JFS) hopes to grow.
Jio Financial Services Reported Rs 1,853 crore in Operating Revenue
Jio Financial Services reported Rs 1,853 crore in operating revenue and Rs 1,604 crore in net profit for the fiscal year 2024.
Jio demonstrated its ambition in digital finance in April 2024 by processing around 1.8 million UPI payments while holding licenses in lending, insurance broking, and payment aggregation.
According to an RBI analysis, as of March 2024, cash made up 60% of consumer spending in India, a percentage that has declined since COVID-19.
By 2024, 40–48% of payments were made digitally, mostly through the Unified Payments Interface (UPI), up from 14–19% in 2021.
UPI, which accounted for 87% of volume and 69% of transaction value in 2023–2024, is a key factor in the fall in cash use for higher-value purchases, according to the RBI’s Cash Usage Indicator (CUI).
Free Internet For 12 Months For Reliance Jio Users
This festive season, Reliance Jio is offering a groundbreaking Diwali Dhamaka deal, allowing users to enjoy an entire year of high-speed 5G internet, completely free of charge. Responding to India’s rising data consumption, Jio’s offer caters to 49 crore users, making it the most talked-about deal this Diwali.
To enjoy uninterrupted 5G data for a year, users need to make a single or cumulative purchase of Rs 20,000 or more at Reliance Digital or MyJio Store. Eligible customers will then receive free 5G data for a full 12 months. The offer is valid only until November 3, so those interested need to act quickly to capitalize on this limited-time deal.
