Approval to Jio Payment: Mukesh Ambani’s company Jio has achieved a big success. Now Jio Payment Solutions has got approval from the Reserve Bank of India (RBI).
What is Jio Payment?: Jio Payment Solutions is a subsidiary company of Jio Financial Services (JFS).
Can do this work: After getting approval from RBI, Jio Payment will now be able to start operations as an online payment aggregator.
Facility like Paytm: Jio Payment will now be able to provide digital transaction facilities to merchants and customers. This will be a service much like Paytm.
Action on Paytm Bank: Jio has got this approval at a time when the giant fintech firm Paytm Bank had to face regulatory action by RBI.
Jio has an opportunity: Jio Payment has a great opportunity when it can create a good userbase in the market. Jio Payments Bank of Jio Payment is present.
These services are available: Jio Payments Bank is providing many types of services. It gives a digital savings account with biometric authentication and a physical debit card.
What will the FASTag service provide: Paytm FASTag was present in the market, which had a large user base. After the RBI’s decision, it had to be closed and now the question arises whether Jio will also bring its own FASTag like Paytm.
FASTag is a digital toll collection system. It is installed on the windscreen of cars, buses and other vehicles. After this it makes automatic toll payment.
