JioMoney Aims to Disrupt the Digital Payments Space in India

It is imperative to maintain a stable and sustainable economy for the overall growth of the country. Digitizing a country’s payment infrastructure is one such foundational investment which helps to achieve economic growth.

Post demonetization, every Indian has been facing the dilemma of choosing from a range of secure, convenient, and cashless payment modes. Many web and mobile applications have surfaced in the market, which provide digital cash solutions to millions across the country.

JioMoney is a mobile wallet app introduced by Reliance Jio Infocomm. This mobile application allows you to make payments across physical and online channels. You may, therefore, make payments for electricity, gas, and landline connection bills, among many others conveniently. Additionally, you could obtain your transaction history in an instant. You, therefore, do not need to preserve bills or meticulously keep a track of old transactions. The mobile application also provides personalized deals, coupons, and discounts on top brands and even in your neighborhood stores, thus helping you make significant savings. Furthermore, you could link and manage your cards as well as bank accounts through JioMoney.

Merchants too may use the online wallet app to pay their suppliers and transfer money through accounts. You may also use your digital wallet to make payments at Reliance Fresh, Reliance Digital, Reliance Jewels, Reliance Retail, and other Reliance stores. The app even allows you to send and receive money from your friends and family. It is possible to make premium payments towards your insurance policies as well. With numerous benefits, JioMoney has led to a growth in digital transactions, thereby boosting economic growth.

Following are three benefits of making digital payments through the JioMoney mobile application.

1. Increased speed of payments

With JioMoney app, users can use Jio’s high speed 4G internet to make payments conveniently. Not only does this app provide a high degree of convenience, but also increases the speed of transactions. Additionally, payment towards utility bills, DTH connection, and mobile bills could be made within seconds, thus saving a great deal of time and effort.

2. Increased privacy of financial details

JioMoney is a safe and secure mobile wallet app, and hence users may rest assured of their privacy. You may, therefore, make digital payments without worrying about your financial details being misused. The money in your JioMoney wallet is 100% safe even in a case of a phone theft. No one except you has access to your account, as it is protected by a 4-digit MPIN and password.

3. Lower cost of disbursing and receiving payments

The cost associated with making online transactions is lesser than that of physical payments. Such electronic payment systems help companies to serve customers faster and at a lower cost. Therefore, customers of JioMoney may transact online without incurring any additional costs. Android and iOS phone users may download the app and make digital transactions in a cash-free manner without paying any additional fees.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited (RIL), believes that digital transactions will help to create a fair, just, transparent, and strong Indian economy. Digitalization of payments through apps like JioMoney will indeed bring unprecedented accountability at every level.