JioMoney is a semi-closed prepaid wallet that aims to enable mobile-based transactions. Using it customers can store money and use it for purchasing goods and services.
Mukesh Ambani-owned Reliance Jio Infocomm has launched digital wallet service, named JioMoney Wallet, for Indian consumers.
The service will enable customers to make bill payments, mobile and DTH recharges, send/receive money and insurance premium payments, as well as for online shopping. It also allows users to send and receive money to and from family and friends. It will also enable easy transfer of JioMoney balance into the customer’s bank account. The wallet service allows consumers to use barcode scan to pay at physical stores. It also offers coupons, deals and cashback directly to customers on their mobile phone from local merchants. Customers with the help of Jio Money will be able to make payments from and for the entire Reliance ecosystem which includes Reliance Retail, Digital Express, Reliance Fresh etc. The service was launched after the Reserve Bank of India (RBI) had given licence to Reliance Payment Solutions for its JioMoney service in November 2015.