Reliance Jio launched ‘JioMoney’ Digital Wallet in India

India: Reliance Joi has launched JioMoney digital wallet, which is available for both iOS and Android users across India. In addition, the wallet can be used in Reliance’s own online and offline market place, including fashion website ‘AJIO.com’, Reliance Digital, Reliance Fresh etc. Furthermore, JioMoney can also be used for sending and receiving digital money, payment of bills and shopping at other online portals. The wallet users can also transfer money from one wallet to another with a transaction fee up to 2.5%.

The Chairman and Managing Director of the reliance industries, Mukesh Ambani informed that the company have collaborated with around 50,000 online merchant partners including Flipkart and Snapdeal, which would accept JioMoney for the transaction.

In addition, as JioMoney is the semi-closed wallet, it would require the KYC updation before increasing the transaction limitation according to the guidelines given by The Reserve Bank of India.

TechSci Research analyses that with increasing awareness of using mobile wallet, cashless transaction is expected to increase in the coming years in India. In addition, the mobile wallet is highly competitive and the newly launch mobile wallet by the company would face a huge competition from well-established players such as Paytm, MobiKwik, Oxigen to name a few. 

According to the recent report published by TechSci Research, “India Mobile Wallet Market Forecast and Opportunities, 2020”, India Mobile Wallet market is projected to surpass USD6.6 billion by 2020. With increasing awareness level of mobile wallet, rising smartphones coupled with growing internet penetration and increasing acceptance of mobile wallet as a payment mode are driving the mobile wallet market in India. Banking sector accounted the largest end user segment followed by retail, telecom and transportation.

With increasing awareness level of mobile wallet, rising internet users coupled with the increasing security measures is driving the mobile wallet market in India. Furthermore, Tier I cities including Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., registered the highest number of mobile wallet users, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore, Patna, etc. are the emerging cities in terms of mobile wallet usage across the country.