Reliance Jio Launches JioMoney Digital Wallet to The Public
It was last year December when we reported that Reliance Industries is going to launch Reliance JioMoney digital wallet for the masses and after a lot of delays, the digital wallet has finally rolled out to the public.
Adding to the already saturated market of digital wallets, JioMoney is now available for both iOS and Android. As always, the wallet can be used at Reliance’s own fashion website AJIO.com, Reliance Digital, Reliance Fresh etc. as well as for sending and receiving digital money, payment of bills and shopping at other online portals.
Reliance also hopes to spread the use of wallet to offline stores and rake in small and medium sized merchants for cashless transactions, something Paytm has been working towards.
Details of the digital wallet
Talking at the launch in late April, Mukesh Ambani said that they have partnered with nearly 50,000 online merchants to accept JioMoney and the wallet will be available for use on Flipkart and Snapdeal. We should hear about more such collaborations in future with other large retail online marketplaces.
Apart from online shopping, users will be able to pay their bills, recharge DTH and telecom operations online. Users will also be able to transfer money from one wallet to another, just like a bank transfer.
JioMoney will also support wallet-to-bank transfer, which will attract a fees of upto 2.5%.
How can I get JioMoney?
Download the application from Google Play Store or Apple Appstore on your smartphone and just like any other digital wallet, create an account. Once the account is setup, it can be used for any of the operations listed above. The account can be recharged by credit card, debit cards and netbanking.
The app will offer cashback and coupon deals to use at merchants as well. The user interface is very outdated and some users seem to have complained at the lack of modernity in the app.
As with other wallets, JioMoney will require updating KYC details to increase the limit available for shopping. However, considering the number of mobile wallets today, one does not need enhance limit, since one can store money in every wallet and need it where required.
Future of JioMoney
We feel JioMoney is threatened by UPI, soon to be available to everyone, since it is going to integrate all the digital wallets into one, rendering JioMoney of little use.
Paytm, Freecharge and Oxigen wallets are already growing at a staggering rate and have been in the industry for very long. JioMoney is quite late to be honest, considering the immense partnerships the leaders have setup already.
JioMoney will either have to bring something unique to its customers or lose out on value in the coming months. There doesn’t seem to be an attractive offer to get the wallet, but let us know your experience with the wallet, both online and offline.