Mukesh Ambani’s company Jio has achieved a big success. Now Jio Payment Solutions has got approval from the Reserve Bank of India (RBI).
What is Jio Payment?
Jio Payment Solutions is a subsidiary of Jio Financial Services (JFS).
Will you be able to do this work?
After getting approval from RBI, Jio Payment will now be able to start operating as an online payment aggregator.
Jio Payment will now be able to provide digital transaction facility to merchants and customers. This service will be similar to Paytm to a large extent .
Action on Paytm Bank
Jio has received this approval at a time when the giant fintech firm Paytm Bank had to face regulatory action from RBI.
Jio has a great opportunity
Jio Payment has a great opportunity to create a good user base in the market. Jio Payment has Jio Payment Bank.
These services are available
Jio Payment Bank is providing many types of services. It provides digital savings account and physical debit card with biometric authentication.
Will Fastag service be provided
by Paytm? Fastag was present in the market and had a huge user base. After RBI’s decision, it had to be shut down and now the question arises whether Jio will also bring its own Fastag like Paytm. Fastag is a digital toll collection system. It is installed on the windscreen of cars, buses and other vehicles. After this, it automatically makes the toll payment.
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