Digital Wallet is a convenient way to make payment. Among the mist of popular Digital Wallet, JioMoney is launched by Reliance, largest  Indian conglomerate. After 4 months of testing, it steps in the market.

We have ample of popular Digital Wallets in India such as PayTm, Mobikwik, PayU Money, M-Pesa, etc. In this vast competition of digital payment system, Reliance, too has entered the race by introducing JioMoney Wallet. The app is available for iOS and Android platform.  Overall 11 companies own permission from RBI to set up payment bank including Jio.

The Digital Wallet system brings a secondary mode of payment for users who do not prefer to use internet banking or cards online. Similar to the existing wallet features, Jio provides a floor for its users to pay bills, DTH payments, insurance premiums, buy mobile recharge, manage finance, find deals etc. Users can pay to more than 50,000 online merchants using JioMoney, which is considered as a unique offering. Users don’t require using different wallet systems to find their vendors. Very soon, Reliance will introduce the wallet system to in various stores in India.

A common issue that most users probably face is the limitation of transferring money back to the bank account. Paytm offers the service, but with a fee. JioMoney features an easy transfer to bank, but the charges and minimum amount used for the transfer is still unclear.

Takeaways:

• Reliance Jio Infocomm Ltd. introduces its own digital wallet ‘JioMoney’.
• Reliance has tied up with more than 50,000 online merchants and aims to spread the wallet system across various offline stores as well.