June 16, 2024

Jio Financial Services Launches Digital Banking App in India

Jio Financial Services launched its JioFinance app in beta mode, saying it aims to advance digital transformation and enhance the “financial well-being of every Indian.”

The app aims to facilitate digital banking and the daily finances of its users, the company said in a Thursday (May 30) press release.

“Our end goal is to simplify everything related to finance in a single platform for any user across all demographics, with a comprehensive suite of offerings like lending, investment, insurance, payments and transactions and make financial services more transparent, affordable and intuitive,” a Jio Financial Services spokesperson said in the release.

The app brings together digital banking, Unified Payments Interface (UPI) transactions, bill settlements, insurance advisory and a consolidated view of accounts and savings, according to the release.

The app is designed to cater to all users, regardless of their familiarity with financial technology, the release said. Key features include instant digital account opening and streamlined bank account management.

Jio Financial Services plans to expand the app’s capabilities in the future to include more loan solutions, including loans on mutual funds and home loans, per the release.

During the beta launch of JioFinance, the firm invites user input so that it can further refine the app, according to the release.

“JioFinance prioritizes trust, relevance and transparency, seeking user feedback for continual improvement towards redefining digital banking experience,” the company said in the release.

Indian consumers and merchants alike have been adopting mobile payments innovations. For example, 79% of consumers in India paid for their last retail purchase using a digital wallet with UPI as the underlying payment method, and 53% of local consumers prefer UPI when buying retail products online, according to the PYMNTS Intelligence’s “2023 Global Digital Shopping Index: India Edition.”

Jio Financial Services’ launch of JioFinance comes on the heels of reports about two other developments at the company.

First, the firm is looking to go into the device leasing business, including routers and cellphones. Second, it launched a joint venture with BlackRock in which the companies will establish a wealth management and brokering business in India.

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