The Bihar Post

Jio Money, Ambani’s solution to PM Modi’s cashless economy

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Mumbai: In a whopping business drive complementing Prime Minister Narendra Modi’s move for India’s transition into a cashless economy, Reliance Industries on Thursday announced the launch of Jio Money Merchant Solutions, a new payment app  for digital transaction for traders, besides making a “Happy New Year offer”, extending by another three months the benefits of unlimited voice calling, text messages and data for free.

At a time when demonetisation has stymied to a great extent cash transaction in market and the Prime Minister keeps pitching for moving into a digital economy, Reliance Jio’s new app is being made available from December five to pave way for a cashless future.

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“Today, thanks to solutions like JioMoney, every Indian has the ability to have a Digital ATM in their pocket. One of the key drivers for adoption of Digital Money and the Cashless way of living is people’s ability to convert physical Cash into Digital Cash and vice-versa,” RIL Chairman Mukesh Ambani said.

He said Jio Money targets merchants, especially small merchants, to build a “digital retail ecosystem” through cashless payments via bank accounts.

“This will be at mandis, restaurants, bus and railway tickets, and even person to person transfers. Starting 5th of December, every merchant can download this application.”

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The app also lets merchants make supplier payments, transfer money between their bank accounts and use digital petty cash.

Over 10 million small merchant and retailers are expected to be signing up for the Merchant Solutions app across 17,000 towns and 4 lakh villages that Jio operates in.

“I would like to congratulate Prime Minister Narendra Modi’s bold and historic decision to demonetize old currency.By doing this, our PM Modi has given the strongest push to growth of digitally-enabled, optimal-cash economy in India. Digitally-enabling transactions will boost economic growth, while bringing unprecedented transparency and accountability,” Ambani said.

Ambani’s mega announcement came three weeks after PM Modi announced demonetisation on November eight, banning 500 and 1,000-rupee notes, which constituted 86 per cent of the cash circulated in the market.

Asking the people to deposit all high-value notes to banks and putting restrictions on withdrawal of cash, Modi had said the process would continue till December 31.

IBNS

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