Reliance Jio Becomes 1st Telco To Launch UPI Payments; Big Trouble For Paytm, Google Pay?
India’s biggest telecom operator, and the only one to book profits: Reliance Jio has launched UPI payments.
This means that other private app-based UPI payments providers such as Paytm, Google Pay and PhonePe, have a big task at hand to negotiate this massive competition.
Jio’s UPI Payments Is Now Live
As per an exclusive report by Entrackr, Jio has finally launched their UPI payment feature.
This way, they have beaten Whatsapp in this race towards enabling UPI payments, and have become the 1st telecom operator to launch UPI payment.
Also, they are the second payments bank to do so.
Interestingly, Jio’s UPI payments/money transfer feature has not been launched on their wallet: Jio Money, but on the main My Jio app, which also houses popular apps/features like JioCinema, JioCloud and JioTV.
By launching UPI payments feature, Jio has directly reached their 37 crore users with a cashless payment option, which is growing, and expanding at a fast pace.
A masterstroke from JIo in this regard.
Jio UPI Feature: How Will It Work?
The facility will work just like any other UPI payment app.
The user first needs to generate a new UPI handle, which will be created under Jio, which is [email protected]
Once UPI handle is created, the user needs to link their existing bank account or debit card with the app, in order to make UPI based payments or money transfers.
This new UPI feature from Jio will also assist in making payments for Jio recharge as well.
Big Trouble For Paytm, Google Pay, Phone Pe?
In the month of December, 2019, there were more than 1.3 billion transactions in India, enabled by UPI. Overall, more than 10 billion transactions happened in 2019, due to UPI.
The growth and scale at which UPI is expanding have beaten all other forms of digital payments, and right now, it’s unstoppable.
As of now, Paytm is the #1 app through which UPI transactions are executed, and more than 300 million transactions are carried out per month on Paytm, via UPI.
Google Pay has emerged as the second biggest player in the UPI market, with Phone Pe trailing behind at #3.
In terms of value of transactions, Google Pay is ahead of Paytm.
Now, with the entry of Jio in UPI space, the equations have changed.
It will be interesting to observe, how other players react to this development, and how soon can Whatsapp enter this arena.
We will keep you updated, as more details come in.