The platform has reportedly signed up more than 50,000 online merchants for the wallet service. The app is currently available on Google Play Store and Apple App Store. In August 2015, Reliance Industries Limited was one on the 10 companies that received license from the Reserve Bank of India to set up a payments bank.
With JioMoney users can do mobile and DTH recharges, make everyday payments, send and receive money, pay insurance and other premiums, manage finances, get great deals, etc. Soon JioMoney will be accepted by thousands of physical stores and shops across India, thus expanding one’s digital money’s reach.
The wallet service was made live for the public after four months of testing within the group.
At the same time, Mumbai-based fintech startup BeeWise has also launched a savings wallet to help consumers save money on their daily expenses across online & offline stores, through a cashback model.
For merchants, it provides a frictionless way to attract new customers, re-engage lapsed customers and reward loyal customers based on financial data. BeeWise Wallet, powered by Citrus Pay, acts as a gatekeeper of these ‘merchant-funded rewards’.
It uses purchase intelligence to understand consumer preferences and accurately predict where the user is likely to do the next transaction. It has analysed 5 Mn transactions worth $500 Mn across 60+ banks in India. It provides merchants with key insights from historical purchase data to identify, reach, and influence likely buyers and measure the sales impact of their marketing campaigns.
Prior to this, in April 2016, Bharti Airtel decided to offer a unified recharge interface called My Airtel App. It will integrate all mobile wallets on its website and MyAirtel App. The launch came right after Reserve Bank of India granted payments bank license to telecom major Bharti Airtel.
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