The company announced the test version of its platform, named JioFinance, for UPI transactions, bill settlements as well as insurance related services
Mumbai:
Billionaire Mukesh Ambani’s Jio Financial Services has introduced a new super-app for digital banking and payment services that will take on competitors, including Google and Amazon, in a crowded Indian market.
The company announced the test version of its platform, named JioFinance, for UPI transactions, bill settlements as well as insurance related services. The financial arm of the oil-to-telecom conglomerate plans to expand into mutual fund loans and mortgage lending, it said in a statement Thursday.
Jio Financial Services currently has an insurance broking company and has grand plans to enter into life and general insurance sector.
The company was supposed to apply for licenses from insurance regulator IRDAI earlier but it has been delayed.
Sources point out that the company is waiting for the government’s move to allow composite license, where companies will be allowed to do life , general and health business in one license , so that it can launch its insurance services.
Users through “JioFinance can access a consolidated view of their accounts and savings, all within one intuitive platform. Designed to cater to individuals across all levels of financial tech familiarity, the app ensures effortless money management at users’ fingertips.
Key features of the app include instant digital account opening, allowing users to open digital accounts swiftly and access banking services immediately. The “Jio Payments Bank Account” feature provides streamlined management of bank accounts within the app, while bill settlements and UPI transactions are made easy for everyday financial transactions.
Additionally, the app offers insurance advisory, providing expert guidance on insurance products to ensure comprehensive financial planning. “JioFinance” places a strong emphasis on trust, relevance, and transparency.
The app’s beta launch invites user feedback to refine and enhance the digital banking experience continually. This approach demonstrates Jio’s dedication to meeting and exceeding customer expectations through continual improvement and user-centred design.
“We’re excited to introduce the ‘JioFinance’ app to the market. A platform that shall aim to redefine the way individuals manage their finances today. Our end goal is to simplify everything related to finance in a single platform for any user across all demographics, with a comprehensive suite of offerings like lending, investment, insurance, payments and transactions and make financial services more transparent, affordable and intuitive,” said a company spokesperson.
Asia’s richest man’s latest initiative comes at a time when rival Adani Group is reportedly in talks to expand into e-commerce and payments.
Earlier this week, the Financial Times wrote that Adani is considering applying for a license to operate on India public digital payments network, the Unified Payments Interface or UPI.
Aditya Birla Capital, a unit of Aditya Birla Group, in April launched a mobile application targeting 30 million new customers in the next three years.
The mobile application offers 22 products and services, including UPI, online bill payments, loans, insurance and investments, among others. Google and Amazon already operate mobile apps for payments in India, but with limited services.
Blackrock Inc. has agreed to a joint venture with Jio Financial for wealth management and brokerage services, in addition to another partnership to create affordable digital index-related products.
with agency input