Reliance Jio to launch Jio Money by Mid-December

The telecom arm of Reliance Industries, Reliance Jio Infocomm is set to roll out its digital wallet service in mid-December.

Jio Money Digital Wallet Service

The Mukesh Ambani-led company introduced its digital wallet service recently, at the eIndia Summit, held in Mumbai. The company revealed that Jio Money is supported with 4G small-cell technology. It will also be platform-independent.

Through the Jio Money application, Reliance Jioaims to make all small shops receive cashless payments through smart phones. The company had partnered with the State Bank of India (SBI) to roll out its Jio Money digital wallet service. The application may be connected to bank accounts to allow users to enjoy the facility of anytime banking. Both Reliance Industries and SBI have given applications for a payments bank license. After the application is accepted, they will commence financial services distribution and boost the business of Reliance Jio and Reliance Retail.

Jio Money will provide plug-play integration kit for online and mobile market merchants. The merchants will enjoy services like integrated billing and payment system, accounts and bookkeeping, inventory management, customer profile, campaign management, online ordering, and credit management.

Reliance Jiois focusing on content-streaming packages, as it wishes to stand out as a digital content company, to survive the intense competition.

Future of VoLTE

Industry experts are of the opinion that Voice over Long-Term Evolution (VoLTE) is the next big thing in the Indian smart phone market, after 4G devices. This technology lets customers use data over the network for voice calls.

VoLTE may be initiated on a smart phone through a chipset and a software patch. At present, just a small number of Qualcomm chipsets support VoLTE.

According to Counterpoint Technology Market Research, nearly 2% of smartphones in the country are VoLTE-upgradeable or enabled. VoLTE phones in the country are sold at twice the price of a basic 4G phone, starting from INR 10,000. Operators having spectrum in the bands of 2300 MHz band may offer VoLTE.

As per data from Credit Lyonnais Securities Asia (CLSA), 30 mobile operators in 21 countries across the globe have launched similar networks.

Reliance Jio’sVoLTE

Reliance Jio holds spectrum in 2300 MHz band in all 22 circles of India. It is thus planning to offer VoLTE across the entire country.

A note from brokerage CLSA stated, “Reliance Jio is the sole green-field launch with VoLTE while incumbent 4G will be an overlay with voice offerings on 2G or 3G. The 800 MHz spectrum trading deal (with Reliance Communications) and seamless implementation of VoLTE will be key for Reliance Jio’s voice offering.”

Reliance Retail will be introducing six new mobile phone models of 4G VoLTE in the market through its own brand, LYF. By March, the company will come up with another six models.

Ahead of Reliance Jio’s launch in December, Reliance Retail has inked distribution agreements with companies like LG, Intex, Lenovo, and Micromax for the sale of VoLTE mobile phones. Intex will be providing Reliance Jio with around 1 lakh VoLTE mobile handsets.

Summary

Reliance Jio Infocomm Limited will be launching its digital wallet service, Jio Money in mid-December.

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