Reliance JIO has launched UPI payments feature, making RJio India’s first telecom operator having UPI facility on its platform. The UPI facility has been started on pilot mode with few select users, but RJio soon plans to release the facility for all its subscribers. It is noteworthy that the company already has a mobile wallet service in the name of JioMoney.
Where to download the RJio UPI and how to activate it?
The new UPI has not been given any specific name so far and is available on MYJio App. The process of signing up is similar to other UPI Apps, like entering your mobile number and debit card number attached to your bank account number. Followed by which a UPI PIN will be generated on your mobile number, which has to be entered into the UPI App for verification and completing the sign-up process. On successful sign-up, you will get a virtual payment address with UPI handle @Jio. Now your RJio UPI is active and is ready for transactions. RJio subscribers can also recharge their mobile using this UPI.
Competition in Indian UPI market
As per National Payment Corporation of India (NPCI), in December 2019, a total of 1.3 billion transactions worth more than Rs. 2 trillion had taken place by UPI. Before RJio UPI, the market was shared by UPI platforms like Google Pay, Phone Pe and PayTm. As of August 2019, Google Pay was the largest UPI platform amongst all, with a total market share of 59.75%. With RJio entering the UPI market, the dynamics and competition seem to be changing very fast. RJio UPI seems to have an edge over its competitors by having a captive subscriber base of 36.9 crores.