Jio Payment Solutions, a fully-owned subsidiary of Reliance Group led by billionaire Mukesh Ambani, has secured approval from the Reserve Bank of India to function as an online payment aggregator, according to a statement from Jio Financial released on Tuesday.
As a third-party service provider, a payment aggregator facilitates both customers and businesses in processing online payments. These aggregators support a multitude of payment methods, including debit and credit cards, cardless easy monthly installments, United Payments Interface transfers, bank transfers, e-wallets, and e-mandates.
The central bank’s approval is effective from October 28.
Jio Financial was established as a distinct entity from the Reliance Group in the past year.
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