Jio Financial was spun out of the Ambani-led Reliance Group last year, Photo Credit: Reuters
Jio Financial said on Tuesday that Jio Payment Solutions, a wholly-owned subsidiary of billionaire Mukesh Ambani-led Reliance Group company Jio Financial Services, has received the central bank’s approval to work as an online payment aggregator.
A payment aggregator is a third-party service provider that enables customers to make online payments and businesses to accept online payments. Payment aggregators enable their customers to accept various payment methods such as debit cards, credit cards, cardless easy monthly installments, United Payments Interface transfers, bank transfers, e-wallets and e-mandates.
This approval will be effective from October 28. Jio Financial was separated from Ambani-led Reliance Group last year.
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