- India,
- 25-Jan-2025 06:00 AM IST
JIO Bharat: Mukesh Ambani and his company Reliance Jio have now taken a significant step toward changing the large digital payments market. Their next goal is to compete with major payment companies like PhonePe and Paytm. Reliance Jio has launched a new free service on its Jio Bharat phone device, which is not only beneficial for small shopkeepers but could also pose a major challenge to other payment service companies.Launch of 'Jio Sound Pay' Service on Jio Bharat
Reliance Jio announced the 'Jio Sound Pay' service on the Jio Bharat phone device on Friday. Under this service, small shopkeepers will now receive a sound message every time they receive a UPI payment, immediately informing them that the payment has been successfully completed. The key feature is that shopkeepers will not have to pay any additional fees for this service.With this new initiative, Reliance Jio has provided its users with an option that could challenge the existing large payment companies, such as PhonePe and Paytm.Impact on PhonePe and Paytm
So far, companies like PhonePe and Paytm have been market leaders in providing payment services, and their sound boxes are extremely popular. However, shopkeepers have to pay around ₹125 per month to use these sound boxes. In contrast, the 'Jio Sound Pay' service on Jio Bharat devices is free, which provides significant relief to small shopkeepers.With this move, Reliance Jio’s initiative could save small shopkeepers up to ₹1,500 annually, which they previously spent on sound boxes.Multilingual Service
The Jio Sound Pay service will be available in multiple languages, enabling people from different regions and linguistic groups to use it. Customers will receive instant sound messages for payment confirmation, informing them of the payment status. This could be a valuable tool, especially for small shopkeepers, vegetable vendors, and hawkers.Growth of Jio's Subscriber Base and Government Company BSNL
Reliance Jio launched this service at a time when it had seen a dip in its subscriber base in recent months. However, in November, the company recorded growth in its subscriber numbers. Meanwhile, the government-owned BSNL has also increased its customer base with affordable 4G plans. BSNL’s success poses a new challenge in the market, but Jio plans to make a comeback with its new feature.Conclusion
Reliance Jio’s Jio Sound Pay service has opened new possibilities for small shopkeepers and traders. Not only will this provide them with financial relief, but it has also become a significant challenge for existing players in the payments industry. Mukesh Ambani and his team have demonstrated with this step that Reliance Jio is fully prepared to establish a strong foothold in the digital payments sector.
Reliance Jio announced the 'Jio Sound Pay' service on the Jio Bharat phone device on Friday. Under this service, small shopkeepers will now receive a sound message every time they receive a UPI payment, immediately informing them that the payment has been successfully completed. The key feature is that shopkeepers will not have to pay any additional fees for this service.With this new initiative, Reliance Jio has provided its users with an option that could challenge the existing large payment companies, such as PhonePe and Paytm.Impact on PhonePe and Paytm
So far, companies like PhonePe and Paytm have been market leaders in providing payment services, and their sound boxes are extremely popular. However, shopkeepers have to pay around ₹125 per month to use these sound boxes. In contrast, the 'Jio Sound Pay' service on Jio Bharat devices is free, which provides significant relief to small shopkeepers.With this move, Reliance Jio’s initiative could save small shopkeepers up to ₹1,500 annually, which they previously spent on sound boxes.Multilingual Service
The Jio Sound Pay service will be available in multiple languages, enabling people from different regions and linguistic groups to use it. Customers will receive instant sound messages for payment confirmation, informing them of the payment status. This could be a valuable tool, especially for small shopkeepers, vegetable vendors, and hawkers.Growth of Jio's Subscriber Base and Government Company BSNL
Reliance Jio launched this service at a time when it had seen a dip in its subscriber base in recent months. However, in November, the company recorded growth in its subscriber numbers. Meanwhile, the government-owned BSNL has also increased its customer base with affordable 4G plans. BSNL’s success poses a new challenge in the market, but Jio plans to make a comeback with its new feature.Conclusion
Reliance Jio’s Jio Sound Pay service has opened new possibilities for small shopkeepers and traders. Not only will this provide them with financial relief, but it has also become a significant challenge for existing players in the payments industry. Mukesh Ambani and his team have demonstrated with this step that Reliance Jio is fully prepared to establish a strong foothold in the digital payments sector.