The JioFinance app claims to simplify the banking experience by enabling the opening of zero-balance savings accounts in three steps.
JioFinance app is available for download on the Google Play Store and App Store
Photo Credit: JFSL
The JioFinance app was launched in India on Friday as a one-stop solution for financial essentials. It has been developed by Jio Financial Services Limited (JFSL), previously a subsidiary of Reliance Industries Limited. The app, now available widely for users in the country, offers facilities for carrying out UPI transactions, monitoring and investing in mutual funds, and making bill payments. Notably, it was first introduced in beta in May, and JFSL claims that over six million people have already taken advantage of its services.
According to JFSL, the JioFinance app is available for download on the Google Play Store for Android and the App Store for iOS devices. Alternatively, it can also be accessed through the MyJio platform.
With JioFinance, users can carry out UPI payments by linking their bank accounts and scanning QR codes at offline merchants. It also allows online payments and money to be sent to other users. The app's UPI International feature can be used to make cross-border payments. Various settings, such as removing UPI IDs, changing bank accounts and setting mandates, can be managed through the app. Rewards will be awarded for every UPI transaction carried out within the app.
Furthermore, the app also claims to simplify the banking experience by enabling the opening of zero-balance savings accounts in three steps. Using this account, customers can send or receive funds via NEFT or IMPS and also get a physical debit card.
JioFinance also carries functionalities similar to other payment service apps, such as utility bill payments, mobile, FASTag, DTH recharges, and credit card payments. With the loan on-chat feature, users can get loans, including loans, mutual funds and property, and home loans and also transfer them. JFSL says they will only have to pay interest on the utilised amount against the full amount at once. The loan facility offered by the JioFinance app is available to all salaried and MSME customers.
The app brings an insurance facility, too. Users can check and avail life, health, two-wheeler and motor insurance plans within JioFinance.
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