JioFinance app launches in India with UPI and these other features

The JioFinance app was launched in India on Friday as a one-stop solution for financial needs. It was developed by Jio Financial Services Limited (JFSL), formerly a subsidiary of Reliance Industries Limited. The app, which is now available to users everywhere in the country, provides facilities for conducting UPI transactions, monitoring and investing in mutual funds, and making bill payments. Notably, it was first introduced in beta in May, and JFSL claims that more than six million people have already used its services.

JioFinance App Features

According to JFSL, the JioFinance app is available for download on the Google Play Store for Android and the App Store for iOS devices. Alternatively, it can also be accessed through the MyJio platform.

JioFinance allows users to make UPI payments by linking their bank accounts and scanning QR codes at offline merchants. It also allows online payments and money to be sent to other users. The UPI International feature of the app can be used to make cross-border payments. Various settings can be managed via the app, such as removing UPI IDs, changing bank accounts and setting permissions. Rewards are awarded for every UPI transaction made within the app.

Moreover, the app also claims to simplify the banking experience by allowing opening savings accounts with zero balance in three steps. This account allows customers to send or receive money via NEFT or IMPS and also get a physical payment card.

JioFinance also offers features similar to other payment service apps such as utility bill payments, mobile, FASTag, DTH recharges and credit card payments. The loan-on-chat feature allows users to obtain and transfer loans including loans, mutual funds and property, and home loans. JFSL says they only have to pay interest on the amount used at once on the entire amount. The loan facility offered by the JioFinance app is available to all salaried and MSME customers.

The app also offers insurance facility. Users can check and avail life, health, two-wheeler and car insurance plans within JioFinance.