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Reliance enters the Indian digital wallet market with JioMoney

Reliance recently launched its digital wallet offering to an already saturated market of digital wallets. The service is called JioMoney and it can be already used in all of Reliance’s own retail businesses, like Reliance Digital, Reliance Fresh etc.

As per Reliance announcement they have already partnered with nearly 50,000 merchants to accept JioMoney and believes this to be the wallet for the masses.
Just like the other digital wallet, JioMoney can be used to pay bills, recharge DTH, mobiles and a large number of online shopping websites, including Reliance’s own fashion website

JioMoney can be downloaded from Google Play Store or Apple Appstore on to your smartphone and just like any other digital wallet. JioMoney users also can be able to transfer money from one wallet to another for free, just like a bank transfer. However for a wallet-to-bank transfer, a fees of upto 2.5% is applicable.

JioMoney will now compete with some very well settled players like Paytm, Freecharge and Oxigen wallets who are already growing at a exponential rate and have been in the industry for very long.

To be very honest, I believe JioMoney is quite late to enter this market and really has to bring something very unique to its customers to stay ahead of the competition.

You can download the JioMoney via Google Play-store or via Apple app-store

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