Jio Payment Solutions gets RBI Nod to operate as an online payment aggregator

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

A payment aggregator is a third-party service provider that allows customers to make online payments and accept businesses. Payment aggregators allow their customers to accept various payment methods such as debit cards, credit cards, simple monthly installments without a card, United Payments Interface transfers, bank transfers, e-wallets and e-mandates.

The approval takes effect on October 28.

Jio Financial was spun off from Ambani-led Reliance Group last year.

© Thomson Reuters 2024