Indian operator Reliance Jio launched money transfer services compliant with the state regulated United Payment Interface (UPI), upping competition in the already crowded sector, Business Today reported.
Reliance Jio already offers in-store and online payments though its Jio Money app, alongside the transfer of small sums between users on messaging platform Jio Chat.
The new service extends its mobile payment play into UPI-compliant cash transfers, a protocol regulated by the Reserve Bank of India for instant money exchange between holders of accounts at banks and mobile app companies.
Reliance Jio’s latest service is said to be initially only available to a limited number of users and has so far not been integrated with Jio Money.
India’s peer-to-peer payments sector is hugely competitive with a range of global brands and providers of alternative mobile services moving into the space over the last three years.
Notable competitors include Paytm, Google, Amazon and messaging platform Hike. It is also a sector WhatsApp is eager to enter, but its long-expected launch ran into regulatory issues leaving the service stuck in the trial phase since early 2018.Subscribe to our daily newsletter Back