[ad_1]
This news has been read 24 times!
Mumbai, India, May 30: In a bold move to disrupt India’s digital banking and payments industry, billionaire Mukesh Ambani’s Jio Financial Services has launched a new super app, ready to take on industry giants like Google and Amazon.
The company launched a test version of its platform, called JioFinance, designed for Unified Payments Interface (UPI) transactions, bill settlements and insurance services. JioFinance is a subsidiary of the group with operations spanning oil and telecom sectors and also plans to expand into mutual fund loans and mortgages, according to a statement released on Thursday (May 30).
The move by Asia’s richest man comes amid reports that rival Adani Group may enter the e-commerce and payments space. The Financial Times recently reported that Adani Group is exploring the possibility of obtaining a license to operate on India’s public digital payments network, the Unified Payments Interface.
In April this year, Aditya Birla Capital, a unit of Aditya Birla Group, launched a mobile app that aims to attract 30 million new customers in the next three years. The app offers a wide range of services, including UPI, online bill payments, loans, insurance and investments. While Google and Amazon have already launched mobile payment apps in India, their offerings are limited compared to JioFinance.
Jio Financial has also entered into a wealth management and brokerage partnership with BlackRock and is collaborating on developing affordable digital index-related products. These strategic alliances further strengthen Jio Financial’s position in the financial services sector.
With the launch of JioFinance, Mukesh Ambani’s conglomerate aims to revolutionize digital banking and payments services, setting the stage for fierce competition in India’s fast-growing fintech sector.
This news has been read 24 times!
[ad_2]
Source link
