Mukesh Ambani led Reliance Jio Infocomm (RJIL), a subsidiary of Reliance Industries Limited (RIL), is all set to launch its new digital wallet service somewhere in the mid of Decemeber.
The company at eIndia Summit held at Mumbai presented a glimpse of the upcoming wallet service which is powered by 4G small cell technology and will be platform-independent.
This wallet will enable mom-and-pop store to accept cashless payment through smartphones and for the same, Jio has tied up with State Bank of India (SBI) for the launch. Money can be connected to bank accounts for anytime banking. The duo have applied for a payments bank license. Once approved, it will enable financial services distribution by leveraging RIL's retail and other Jio business.
Jio Money will also offer a plug-play integration kit to eRetailers. Merchants can easily generate integrated bills and payment systems, manage inventories, order online, manage accounts and book keeping, keep a track of customer profile, credit and campaign management and many more.
With this move, Reliance Jio aims as positioning itself as a digital content company to make it different from other mobile phone operators in this highly competitive market. Content-streaming packages will be the key element in this initiative.