NewDelhi: After entering Payment bank services three years ago, Reliance Jio is looking to start its innings in the mobile payment services, sources told Media.
Reliance Jio, in collaboration with Visa is reportedly going to introduce ‘Tap and Pay’ mobile banking service for its users.
Sources said that seven banks have been roped in for the mobile wallet service that includes Axis Bank, HDFC Bank, ICICI Bank, SBI Card, Kotak Bank, IndusInd Bank and Standard Chartered Bank.
Users can also win interesting rewards for using this service. The company is eying a pilot launch for limited users, sources said.
Users will have to enrol their card by entering their card credentials after which thiey will recieve an OTP on their mobile phone. They can authenticate the enrolment using the OTP and begin transaction.
Users can also make transaction at their nearest Pos by long pressing the Rupee key on the JioPhone. Following this, they will have to authorise the transaction using JioPay PIN. After completing the second procedure, users can tap their phone on contact-less Pos terminal for successful transaction.
In April 2018, Jio commenced its banking services by entering the Payments Bank sector, two years after its telecom rival Bharti Airtel began its payment bank services in November 2016.
Payments banks are being promoted by the Reserve Bank to further financial inclusion by providing small savings accounts and payments/remittance services to migrant labour workforce, low income households, small businesses, other unorganised sector entities and other users.
Reliance Jio revolutionised the telecom industry in 2016 by offering free calls and cheap data on mobile phones.
Bureau Report
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