Jio Financial expands with new payment aggregator license

India‘s Jio Payment Solutions, a wholly-owned subsidiary of Mukesh Ambani’s Reliance Group under Jio Financial Services, has received the Reserve Bank of India’s (RBI) approval to operate as an online payment aggregator. Effective from 28 October, the approval allows Jio Payment Solutions to facilitate a wide range of digital transactions, including credit and debit cards, bank transfers, e-wallets, and Unified Payments Interface (UPI) payments, among others. This step positions Jio Payment Solutions as a key player in India’s fast-growing digital payments market, where convenience and a broad array of transaction methods are in high demand.

As a payment aggregator, Jio Payment Solutions will act as an intermediary for businesses, allowing them to accept various forms of online payments from customers, streamlining financial transactions across multiple platforms. This role will enhance Jio Financial Services’ influence in the financial technology sector, as payment aggregators serve as essential infrastructure for online businesses, bridging the gap between consumers and businesses.

The approval highlights a new phase for Jio Financial, which was spun off from Reliance Group last year with ambitions to expand its reach in India’s financial services industry. As India’s digital economy grows, the entry of Jio Payment Solutions into the payment aggregator space could enhance accessibility to digital payments and strengthen Reliance’s financial arm in a market where online payment solutions are in increasing demand.