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

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

JIO's UPI Payment scheme set to dominate the market 

After becoming India’s largest telecom operator, the force behind Reliance JIO has decided to expand its horizons and enter new avenues to dominate the 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 the MyJIO app and can be obtained after a small update.

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According to the reports, users cannot use their existing UPI ids to avail this service. Instead, the users will have to create a new JIO UPI Id. The MyJIO app also allows ‘hassle-free payments’ through Paytm, Phonepe, JIO-Money, and JIO-AutoPay. The new facility that JIO has come up for its users is expected to launch all over India by the end of 2020. Currently, the JIO network has more than 370 million subscribers, which makes it the top-tier telecom operator firm in India.

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JIO ventured into this new operation scheme when India observed the highest number of UPI transactions. According to a report, in the month of December 2019, the platform recorded 1.31 billion transactions. The 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 the lead of the UPI transaction trend, and is followed by Google Pay, and then PhonePe.

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

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