The Ambani-owned Relaince subsidiary Jio Infocomm will roll-out its digital wallet service by mid-December. ‘Jio Money’ will target small and mid-sized stores to accept cashless payments through smartphones.
Jio has also tied up with State Bank of India to launch the wallet, which can be connected to bank accounts for anytime banking. The partnership yet to be licensed, will enable financial services distribution by leveraging RIL’s retail and other Jio projects.
Jio Money offers plug-and-play integration kit for e-commerce and m-commerce merchants. The company said that the benefits include integrated billing & payment system, inventory management, online ordering, accounts and book-keeping, customer profile and credit management and campaign management.[Source]