We have seen rise in the usages of Digital Wallets in past month. The key challenge is to make digital transactions safer and easily accessible to small business merchants. As more people are towards to digital payments, business entities of all small-medium-big types are also capable of accepting fast & secure payments for growth. To make easy payments, Reliance Industries Chairman Mukesh Ambani on Thursday announced that his company is going to launch “JioMoney Merchant Solutions” on 5th December as a solution from Reliance Industries.
In an address to stakeholders at RIL’s Navi Mumbai office, Mukesh Ambani said
This will enable digital transactions of all types, whether they be at mandis, small shops, restaurants, railway ticket counters, for bus and mass transit and even for person-to-person money transfers.
To enable digital transactions, merchants, especially small merchants, are an important component of our economy. To fuel their transactions, Jio is working to empower Indian merchants by building a digital retail ecosystem, which we are calling JioMoney Merchant Solutions.
With the help of JioMoney wallets, customers will be able to pay merchants from their bank accounts directly, and merchants can use the Jio-Money Merchant App to accept their payments directly into their bank accounts. The merchant will also be able to transfer money between accounts and will also make supplier payments through this app.
What is JioMoney Merchant Solutions
JioMoney Merchant Solutions (Digital Wallet) by Reliance Industries will help you go cashless anywhere you want. It will enable digital transactions of all types, let it be small shops, or restaurants, and railway ticket counters, for transport and even for person-to-person money transfers.
Use of digital money is uncommon in rural area and small towns. With the help of Jio-Money merchants app street side vendors and small vendors will be able to accept payments to their bank accounts. The JioMoney accounts are linked directly to the bank accounts, so the money also gets deposited to these bank accounts.
Mr. Mukesh Ambani said,
Jio Money is focused on signing up over 10 million small merchant retailers in the coming weeks across 17,000 towns and 400,000 villages, with the launch of Jio Money ecosystem and it will be committed and enthusiastic partner for the smooth implementation of our Prime Minister’s game-changing vision of creating a digitally-enabled and strong Indian economy.
Reliance Jio has a payments bank license in a joint venture with SBI. Aadhaar-based micro-ATMs will also be launched to help facilitate JioMoney. The Reliance company already has KYC details through Aadhar card verification at the time of sim card distribution.
From launch of Reliance Jio on September 5 to announcement of Reliance JioMoney Merchant Solutions, Jio has crossed 50 million customers. All these customers are enjoying Reliance Jio Welcome Offer. Currently, Reliance Jio is testing its Jio GigaFiber Broadband which offers 600 GB Data At 500. Reliance Jio is making its position in digital world strong by varies services. Ultimately customers should satisfy with their services to gain strong position in market.