Reliance JioMoney Wallet App: The Reliance’s JioMoney Digital Wallet App has been launched on the Google play store. Jio Money is a semi-closed prepaid wallet which was developed to enable the mobile-based transactions where the customers can store money and use it for purchasing the goods or products. The app will be useful for many transactions like paying electricity, mobile subscription, etc. However, the smartphone users can now download and install the app from the Google Play Store, App Store. Click To Download JioMoney Wallet
Reliance Jio digital wallet app has been launched on Google Play Store :
JioMoney wallet aims to enable mobile-based transactions, where customers can store money and use it for purchasing goods and services, mobile and DTH recharges, send/receive money, make bill payments, pay insurance and other premiums.
Reliance Jio said that it has tied up with over 50,000 online merchants for the service to accept cashless payments through smartphones.JioMoney is a zip-zap-zoom experience. You can execute a transaction in a breeze, with the same ease and convenience of receiving a call on your handset. And it is as fast too – a typical transaction is completed within a few seconds, as reported by company.
JioMoney App Account’s Details :
On signing up, users will have to create a JioMoney account. From the terms and conditions, it seems that the wallet will be heavily tied to the company’s payment bank operations. Reliance has a prepaid payments instrument licence and a payments bank licence from the Reserve Bank of India. When it commences its payments bank operations, the wallet licence will be merged. Here’s what we found out:
- JioMoney says that users can attract a maintenance fee for dormant accounts. An account will be considered dormant if there are no financial or non-financial transactions taken place for six months.
- If the account is left dormant for more than 12 months, untilized balance is JioMoney will be forfeited at the discretion of the company.
- Reliance Payment Solutions Limited (RSPL), the payments company of Reliance Jio, will initmate users if the account is being closed via SMS or other channels approved by the Reserve Bank of India.
- KYC details subimtted maybe used for other services offered by RSPL and even open a payments bank account. Note that Paytm is also asking its users to submit their KYC details to upgrade their wallet limits and the same will be used for its payment bank operations.
- The JioMoney wallet is issued to consumers on an individual basis. No consumer will have more than one wallet in his or her name. This is odd. What if a user has two mobile numbers and wishes to use them to open two accounts with the same name?
- Interestingly, while signing up, JioMoney did not ask a customer for their email id and only asked for a customer’s mobile number. In other wallets such as Paytm, MobiKwik and FreeCharge, customers can sign in with an email id and password.