India’s Jio Payment Solutions, a subsidiary of Mukesh Ambani’s Reliance Group firm Jio Financial Services, has received authorization from the country’s central bank to operate as an online payment aggregator. Announced Tuesday by Jio Financial, the approval enables Jio Payment Solutions to offer third-party payment processing services, effectively allowing businesses to accept payments online through the platform.
Payment aggregators serve as intermediaries that facilitate various online payment methods, allowing businesses to provide customers with payment options such as debit and credit cards, cardless easy monthly installments, United Payments Interface (UPI) transfers, bank transfers, e-wallets, and e-mandates. With this authorization, Jio Payment Solutions will be able to handle a wide range of digital transactions, broadening payment accessibility and convenience for businesses and consumers alike.
The approval took effect on October 28, marking a significant milestone for Jio Financial Services, which was separated from the larger Reliance Group in a strategic move last year.
Featured image courtesy of Upstox
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