Reliance’s Jio on Tuesday entered the UPI payment fintech market. With 370 million subscribers, Jio will be taking on other fintech apps such as Google Pay, PayTM and PhonePe.
After signing up with Jio UPI, a virtual payment address (VPA) with “yourname@jio” or “yourmobilenumber@jio” will be created for you.
A total of 10.78 billion UPI transactions were done in 2019, a 300 per cent increase over the previous year. Paytm leads in the space, followed by Google Pay.
Instant messaging app, WhatsApp, is also testing UPI payments within the app.
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