Reliance Jio Makes JioMoney Wallet Available to Customers on App Stores

Reliance Jio Infocomm’s newly launched applications have received a heads-up from many customers and market analysts alike. Among them is the JioMoney Wallet which comes under the scheme of free data services that are being offered to certain invited members. The program that is being executed by Reliance employees is said to grant exclusive customers the opportunity to avail of these facilities for three months.

Transactions using JioMoney Wallet

The telecom company has already roped-in around 50,000 merchants to kick-start the wallet service. Transactions using JioMoney Wallet will soon be trending as the facility will also be compatible with online shopping portals like Flipkart, Amazon and Snapdeal. One of the more recent developments that has Reliance standing in good stead involves its consolidation with Amazon for sale of the former’s LYF smart phones such as LYF EARTH, LYF FLAME 1, LYF FLAME 2, LYF WATER 1, LYF WATER 2.

Partnership with online portals

The partnership with Amazon has garnered positive reviews for Reliance Retail’s LYF Water 5 handset. Therefore, the company has already demarcated plans for collaborating with some of the other leading online portals like Flipkart and Snapdeal as well. This is being viewed as a great marketing strategy as nearly one-third of handsets in the country are being purchased through these portals.

Availability in app stores

The JioMoney Wallet application can be downloaded either from the Google Play Store or Apple App Store. It will be the second in line after the launch of the telecom company’s messaging app JioChat. The 350 crore mobile wallet industry is growing exponentially, and Jio aims to tap this particular sector. Besides, the company has also been issued a license for accepting deposits in collaboration with The State Bank of India.

Service launched post testing phase

Post four months of testing, the service has finally been opened to customers. Prior to this, the facility was only functional in select places like Reliance cafeterias and at the company’s retail unit. A source also reported that in addition to online portals the wallet service will also branch-out to offline stores across the country.

Diverse uses

The application will allow customers to accomplish daily activities like mobile recharges, bill payments and insurance premium payments. One of its other key features include easy transfer of payments. Besides the service can also be used for purchase of items across various Reliance chains like Reliance Digital, Digital Express, Reliance Fresh and Reliance Jewels.

Fifth-largest smart phone brand

With an impressive 1.2 lakh retailers partnering with Reliance Retail, the company’s LYF handsets are deemed the fifth-largest smart phone brand in India. The general specifications of a LYF smartphone are Qualcomm Snapdragon processor, 4G LTE technology, dual SIM card slots, HD video and voice calling, LED display, and more. As per a report by Counterpoint Technology Market Research, the company has even cornered a seven percent share in the market since the first quarter. The telecom arm is also expected to roll out its 4G services in the succeeding months. Overall, a good phase awaits Reliance with future projects that include tie-ups with brick and mortar companies.

The chairman of Reliance Industries revealed that the company’s goal is to provide consumers an affordable and secure digital transaction experience. “It is the ideal solution for even our smallest merchants, such as kiranas, restaurants and taxi drivers,” he said.

Summary

Reliance Jio Infocomm’s JioMoney Wallet service opened to customers after four months of testing.

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