Reliance Jio has now forayed into the payment space and launched its wallet service JioMoney Wallet. The wallet which was till now being used only within the Reliance group for four months, can now be used by the public and is available both for Android and iOS users.
The company had earlier received a payments bank licence in partnership with State Bank of India which will allow the company to accept deposits.
The wallet will allow its users to make bill payments and online shopping and also allow users to send and receive money. The service can also be availed at offline stores and will also offer deals, coupons and cashback.
This new entrant will surely bring new challenges for the existing players like Paytm, Freecharge, Mobikwik and others. Recently, 6W research said that India’s Mobile Wallet Market is projected to reach $11.5 billion by 2022.[source]