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Jio Payment Solutions Gets RBI Nod to Operate as Online Payment Aggregator

Jio Payment Solutions Gets RBI Nod to Operate as Online Payment Aggregator

The approval is effective October 28.

By Reuters | Updated: 29 October 2024 15:06 IST

Jio Payment Solutions Gets RBI Nod to Operate as Online Payment Aggregator

Photo Credit: Reuters

Jio Financial was spun out of the Ambani-led Reliance Group last year

Highlights

Jio Payment Solutions is a subsidiary of Jio Financial Services
Aggregators enable their clients to accept various payment methods
Jio Financial Services was listed on BSE in 2023

India's Jio Payment Solutions, a wholly-owned subsidiary of billionaire Mukesh Ambani-led Reliance Group firm Jio Financial Services, has received the central bank's approval to operate as an online payment aggregator, Jio Financial said on Tuesday.

A payment aggregator is a third-party service provider that enables customers to make and businesses to accept payments online. Payment aggregators enable their clients 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.

The approval is effective October 28.

Jio Financial was spun out of the Ambani-led Reliance Group last year.

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© Thomson Reuters 2024

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