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Jio Financial Services launches digital banking app in India
Jio Financial Services launched its JioFinance app in beta mode, saying it aims to drive digital transformation and improve the “financial well-being of every Indian”.
The application aims to facilitate digital bank and its users’ daily finances, the company said in a press release on Thursday (May 30).
“Our ultimate goal is to simplify everything related to finance on a single platform for any user across all demographics, with a comprehensive set of offerings such as loans, investments, insurance, payments and transactions and to make financial services more transparent, accessible and intuitive ,” a Jio Financial Services spokesperson said in the statement.
The application brings together digital banking services, Unified Payments Interface (UPI), account settlement, insurance advice and consolidated view of accounts and savings, according to the statement.
The app is designed to serve all users, regardless of their familiarity with financial technology, the release states. Key features include instant digital account opening and simplified bank account management.
Jio Financial Services plans to expand the app’s features in the future to include more lending solutions, including mutual fund loans and home equity loans, according to the statement.
During JioFinance’s beta launch, the company invites user feedback so it can further refine the app, according to the statement.
“JioFinance prioritizes trust, relevance and transparency, seeking feedback from users for continuous improvement towards redefining the digital banking experience,” the company said in the statement.
Indian consumers and merchants have embraced innovations in mobile payments. 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 purchasing retail products online, according to the “Global Digital Shopping Index 2023: India Edition.”
The launch of JioFinance by Jio Financial Services comes close on the heels of reports on two other developments at the company.
First, the company intends to enter the market device rental business, including routers and cell phones. Secondly, it launched a joint venture with Black stone in which companies will establish a wealth management and business brokerage in India.
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