New Delhi: Mukesh Ambani's company Jio has achieved great 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). Will it be able to do this work? After getting approval from RBI, Jio Payment Now it will be able to start operating as an online payment aggregator. Jio Payments will now be able to provide digital transaction facilities to merchants and customers with facilities like Paytm. This will be a service similar to Paytm to a large extent. Action on Paytm Bank: Jio has received this approval at a time when the leading fintech firm Paytm Bank had to face regulatory action from the RBI.
Jio has a great opportunity for Jio Payments, when it can create a good userbase in the market. Jio Payment Bank of Jio Payment is available. These services are available. Jio Payment Bank is providing many types of services. It provides digital savings account and physical debit card with biometric authentication. What will Fastag service provide? Paytm Fastag was present in the market, whose user base was quite large. After the decision of RBI, 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.
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