Jio Money Wants To Disrupt UPI Payments, And Defeat Paytm, PhonePe; Jio Expands Into Europe!
UPI is growing at an amazing pace right now, and Jio wants a slice of this emerging digital payments market.
Reliance now wants a greater pie of the UPI payments market in India, and disrupt this niche. As per fresh reports coming in, Jio Money will have UPI payments option very soon, which can surely hit the market of Phone, Paytm and Google Pay, three leading apps for UPI payments.
Meanwhile, Jio has now expanded into Europe.
Jio Money Will Have UPI?
Along with Jio’s telecom services, Reliance had also launched several apps – Jio Cinema, Jio Music, Jio TV, Jio Money and more. Among them, Jio Money is the only app which failed to take-off and still has very fewer users.
Reliance wants to change this, and this is the reason very soon, UPI payments will be incorporated with Jio Money.
Reliance is in talks with banks like SBI, Axis Bank, ICICI Bank, which can help them to introduce UPI payments. As per reports coming in, UPI can be incorporated into Jio Money by first quarter of 2019.
Jio Money is a digital wallet and was launched in 2016. But with stiff competition from Paytm, Mobikwik and Airtel Money, Jio Money has failed to attract users. Most of its usage comes from recharging Jio plans by Jio users.
In April this year, Jio Payments bank was launched, after NPCI gave them a license to operate a payments bank.
Jio Payments Bank, which is Reliance’ first bank, is a joint venture between Reliance and SBI.
Now, they are waiting for NPCI to give them approval for UPI integration, which can possibly give a boost to its usage. UPI is right now growing at an amazing pace, as more than Rs 75,000 crore worth of transactions were processed this October, resulting from 450 million transactions.
Paytm has captured 37% of the UPI payments market in India, and is #1 platform for UPI, followed by PhonePe and Google Pay. Whatsapp too is trying to launch their own UPI based payments.
Jio Expands Into Europe
Meanwhile, Reliance has established a Jio unit in Estonia, thereby marking Jio’s expansion into Europe.
Reliance Industrial Investments and Holdings Ltd. (RIIHL), which is a wholly owned subsidiary of Jio, has established this new company in Estonia named as Jio Estonia OÜ.
Rs 12 crore has been invested in this new company by RIIHL, which will be considered as a ‘loan’.
As per the information coming in, this new Estonian arm will carry on research into future technologies and will work as a foundation to launch telecom services in Europe.
More details are awaited.