Jio Payment Solutions Gets RBI Nod to Operate as Online Payment Aggregator
The approval is effective October 28.
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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
Jio Financial was spun out of the Ambani-led Reliance Group last year
Photo Credit: Reuters
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.
© Thomson Reuters 2024
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