Jio Financial Services forays into the international market with its JioFinance app
The app will facilitate international payments for purchasing tickets to the Eiffel Tower and for in-store shopping at Galeries Lafayette Paris Hausmann
The app will also be showcased at India House, a centre designed by Reliance Foundation in partnership with the Indian Olympic Association
Jio Financial Services has forayed into the international market with its JioFinance app, which will now enable Indian travelers to make payments at select tourist attractions in Paris.
Considering the current influx of travelers from India, JioFinance will facilitate international payments for purchasing tickets to the Eiffel Tower and for in-store shopping at Galeries Lafayette Paris Hausmann.
JioFinance in collaboration with Visa, the official payments partner of the Olympic Games Paris 2024, extended its reach at India House. The app will also be showcased at India House, a centre designed by Reliance Foundation in partnership with the Indian Olympic Association.
India House is a showcase of India’s rich heritage and legacy to the world, and a home away from home for Indian athletes and visitors in Paris during the olympics.
Jio Financial Services has already launched the beta version of the JioFinance App and started leasing AirFiber devices.
The App’s operating revenue also increased over 61% to INR 608 Cr in Q2 FY24 from INR 414.1 Cr in the prior June quarter.
JFS competes with the likes of Paytm, PhonePe, BharatPe, PB Fintech, InsuranceDekho, CRED, Zerodha and Groww in the fintech space.
The company saw its consolidated profit after tax (PAT) double sequentially to INR 668.2 Cr in Q2 FY24, while its operating revenue increased over 61% quarter-on-quarter to INR 608 Cr.
In July this year, JFS also signed a joint venture (JV) with asset management giant BlackRock to enter India’s mutual fund industry.
Inc42’s analysis forecasts the domestic fintech market to reach a market size of $2.1 Tn by 2030, with a projected 18% CAGR from 2022. Within this, lending tech is anticipated to dominate, constituting the majority at $1.3 Tn.
JFS aims to decode the fintech business with a direct-to-consumer (D2C) approach, emphasising cost efficiencies and facilitating personalised customer interactions.
