Unified Payments Interface, or simply known as UPI has been powering payment methods and gateways on a large number of applications lately. Starting from applications like PhonePe, Google Pay and BHIM, the NPCI-owned payment method has managed to amass heavy usage volume thanks to its easy transaction methods.
As per a report, UPI witnessed close to 482.36 million transactions worth Rs 74,978.27 in October 2018 alone. That is a staggering number for a payment method which caught the whiff of popularity only a few years ago. On the other hand, Reliance Jio has been making strides with its different apps, like JioMusic, JioTV and JioMoney. The latter of the three is a wallet and payments app from the Mukesh Ambani led telco. Going by a new report, we have come to know that Reliance Jio might be on to the task of integrating UPI in its JioMoney application by February 2019.
Telecomtalk says that JioMoney App to Get UPI Integration :- Two anonymous sources aware of the matter spoke to Entrackr and revealed, “Jio has begun an early conversation with banks including ICICI Bank, Axis Bank and State Bank of India for integrating UPI-powered payments facility on Jio Money.” It’s also worth mentioning that Reliance Jio also runs a payments bank with JioMoney in partnership with State Bank of India. The sources said that since the digital wallets are struggling to scale because of increased adoption of UPI, Jio is betting on the UPI wave and looks ahead to riding it in the coming times. The telco is expected to roll out the payment method in the first quarter of 2019.
