{"id":1286928,"date":"2024-11-01T12:56:45","date_gmt":"2024-11-01T07:26:45","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1286928"},"modified":"2024-11-01T12:57:05","modified_gmt":"2024-11-01T07:27:05","slug":"jio-payment-solutions-with-15-lakh-users-becomes-payment-aggregator-app","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/jio-payment-solutions-with-15-lakh-users-becomes-payment-aggregator-app\/","title":{"rendered":"Jio Payment Solutions With 15 Lakh Users Becomes Payment Aggregator App"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n

\"Jio<\/figure>\n\n\n\n

Under Section 7 of the Payment and Settlement Systems Act of 2007, JPSL is authorized<\/a> to process digital transactions as of October 28, 2024.<\/p>\n\n\n\n

Jio Payment Solutions Gains RBI Approval to Function as Online Payment Aggregator<\/strong><\/p>\n\n\n\n

Jio Finance shares rose 1.45% on Tuesday to trade at Rs 321.45 a share after this announcement.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

By providing full banking services via Jio Payments Bank’s savings account platform, Jio Financial Services (JFS) hopes to grow.<\/p>\n\n\n\n

Jio Financial Services Reported Rs 1,853 crore in Operating Revenue<\/strong><\/p>\n\n\n\n

Jio Financial Services reported Rs 1,853 crore in operating revenue and Rs 1,604 crore in net profit for the fiscal year 2024.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

By 2024, 40\u201348% of payments were made digitally, mostly through the Unified Payments Interface (UPI), up from 14\u201319% in 2021.<\/p>\n\n\n\n

UPI, which accounted for 87% of volume and 69% of transaction value in 2023\u20132024, is a key factor in the fall in cash use for higher-value purchases, according to the RBI’s Cash Usage Indicator (CUI).<\/p>\n\n\n\n

Free Internet For 12 Months For Reliance Jio Users<\/strong>

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\u2019s rising data consumption, Jio\u2019s offer caters to 49 crore users, making it the most talked-about deal this Diwali.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":25,"featured_media":1286935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[6416,6415],"class_list":["post-1286928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-jio-app","tag-jio-payments-solutions"],"acf":[],"yoast_head":"\nJio Payment Solutions With 15 Lakh Users Becomes Payment Aggregator App - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/jio-payment-solutions-with-15-lakh-users-becomes-payment-aggregator-app\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jio Payment Solutions With 15 Lakh Users Becomes Payment Aggregator App - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"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. 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