MUMBAI: Mukesh Ambani-owned (RJIL), a subsidiary of Limited (RIL), will launch its digital wallet service in mid-December according to sources. The company recently gave a sneak peak of its upcoming digital wallet service to users at eIndia Summit held in Mumbai. is powered by 4G small cell technology and will be platform-independent. With its Jio Money digital wallet, the company aims to enable mom-and-pop shops to accept cashless payments through existing smartphones. Jio has tied up with State Bank of India (SBI) to launch Jio Money, which can be connected to bank accounts for anytime banking. The duo have applied for a payments bank licence. Once approved, it will enable financial services distribution by leveraging RIL's retail and other Jio business. Jio Money will offer plug-play integration kit for e-commerce & m-commerce merchants. According to the company, the benefits for the merchants will include, integrated billing & payment system, inventory management, online ordering, accounts and book keeping, customer profile and credit management and campaign management. plans to position itself as a digital content company to make it distinct from other mobile phone operators in an intensely competitive market. According to media reports, content-streaming packages will be the key element of this strategy.
Indian company Reliance & Intercomm ( sic ) , a subsidiary of Reliance Industries Limited ( RIL ) , is to launch a new digital wallet service this month , in partnership with the State Bank of India ( SBI ) ; the service is called Jio Money . The digital wallet , which can be connected to bank accounts , will enable " mom and pop " merchants to accept cashless payments on existing smartphones . The company says that the benefits for any merchant accepting Jio cash transfers include : integrated billing & payment system , inventory management , online ordering , accounts and book - keeping , customer profile and account management , and campaign finance .