Consolidates banking, insurance and more

Jio Financial Services has unveiled ‘JioFinance’ app that integrates digital banking, UPI transactions, bill settlements and insurance advisory and offers a consolidated view of bills and savings on a single platform. According to a filing filed on May 30 with the Bombay Stock Exchange, the application has been released in beta version. The company says the app provides “seamless navigation” and will be designed for users of all levels of financial technology literacy.

According to the app’s description in the Google Play Store, the platform offers the following features:

• UPI transactions for merchants, bill payments, money transfers
• Zero balance bank accounts with interest rates up to 3.5%.
• Integration of FASTag, DTH and mobile recharges with other bill payments

What financial services will be available in the application?

The company plans to expand its loan offer, starting from loans in investment funds and ending with housing loans.

“We are excited to launch JioFinance App, a platform that will redefine the way people manage their finances today. Our ultimate goal is to simplify everything related to finance on one platform for every user across all demographics, with a comprehensive suite of offerings such as loans, investments, insurance, payments and transactions to make financial services more transparent, affordable and intuitive.” – said the company spokesman.

In Q4FY24, Reliance Jio saw a 35.2% year-on-year growth in data traffic. The company’s customer base also grew by 10.9 million net subscribers, bringing the total number to 481.8 million.

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