Reliance Jio is soon going to integrate Unified Payments Interface (UPI) payments in its Jio Money app. The company already has a wide range of apps namely Jio Cinema, Jio TV, Jio Music, Jio Money, where the latter is a digital wallet.
It is reportedly in talks with several lenders such as State Bank of India (SBI), Axis Bank, ICICI Bank to integrate UPI payments in its Jio Money app.
Jio Money already has payments banks facility in collaboration with SBI. The telecom giant is looking to level-up the market by entering the UPI segment and plans on launching the payment method early next year.
As per the sources, Reliance Jio has completed most of its formalities and it is now waiting to get approval from the National Payments Corporation of India (NPCI). If the proposal gets approval, Jio will soon be unveiling its UPI-powered service at the beginning of the first quarter.
As per the NPCI’s data, n nearly 482.36 million UPI transactions worth Rs 74,978.27 are reported last month. The rising demand of the payment method has encouraged the companies to roll out their own UPI payments services.