Reliance JIO enters UPI payment market to compete with Google Pay, Paytm, and PhonePe

Reliance JIO is apparently trying to compete with every or telecom operator firms, but in 2020 tech company has entered a new venture. JIO is w all set to compete even with Google Pay, Paytm, and or such UPI payment services. Read on to kw more details.

JIO's UPI Payment scheme set to dominate market 

After becoming India’s largest telecom operator, force behind Reliance JIO has decided to expand its horizons and enter new avenues to dominate entire market. It has a new ace up its sleeve. JIO has rolled out UPI payment facilities for its users. This new feature will be available within MyJIO app and can be obtained after a small update.

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According to reports, users cant use ir existing UPI ids to avail this service. Instead, users will have to create a new JIO UPI Id. MyJIO app also allows ‘hassle-free payments’ through Paytm, Phonepe, JIO-Money, and JIO-AutoPay. new facility that JIO has come up for its users is expected to launch all over India by end of 2020. Currently, JIO network has more than 370 million subscribers, which makes it top-tier telecom operator firm in India.

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JIO ventured into this new operation scheme when India observed highest number of UPI transactions. According to a report, in month of December 2019, platform recorded 1.31 billion transactions. total value of transactions increased to ₹2.02 lakh crore. A total of 10.78 billion UPI transactions took place through 2019. Paytm is currently in lead of UPI transaction trend, and is followed by Google Pay, and n PhonePe.

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Besides its B2C services, JIO is also looking to enter into merchant payment . In 2019, it had launched a PoS device, which allows merchants to accept cards and wallet payments from BHIM and JIO Money. At beginning of year, JIO had come up with a new offer to garner more users. Reliance JIO had two interesting offers for its users on occasion of New Year. two offers were ‘2020 HNY offer’ and ‘2020 JIO phone HYN offer.’ Under se new offers for JIO prepaid customers, telecom operators were offering unlimited voice calling at payment of Rs. 2020.

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