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Riding on the back of PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s demonetization move, RIL Chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> launched <keyword id="2003276" type="UNKNOWN" weightage="20" keywordseo="Jio">Jio</keyword> Money Merchant Solutions, which will enable digital transactions of all types, from mandis, kirana shops to restaurants. 
 While launching the <keyword id="6354504" type="UNKNOWN" weightage="20" keywordseo="Reliance-Jio">Reliance Jio</keyword> ‘Happy New Year’ offer, rolling out host of services and applications free of cost from Dec 4-March 31, 2017, Ambani said the merchants solution will empower the merchants to build a digital retail ecosystem. 
 Ambani said the digital transaction will help in economic growth and can bring transparency. “Digitally-enabling transactions will boost economic growth, while bringing unprecedented transparency and accountability,” he said, adding the present cash crunch issue can be conquered with <keyword id="3356344" type="UNKNOWN" weightage="20" keywordseo="JioMoney">JioMoney</keyword>. 
 
“Jio is working to empower Indian merchants by building a digital retail ecosystem, which we are calling JioMoney Merchant Solutions. This will enable digital transactions of all types, whether they be at Mandis, Small shops, Restaurants, Railway ticket counters, for Bus and mass transit and even for person-to-person money transfers,” Ambani said. 
 
Ambani lauded Modi’s demonetisation scheme, terming it as a bold move. “By doing this, our honorable Prime Minister has given the strongest push to growth of digitally-enabled, optimal-cash economy in India,” he said. 
 
While addressing the employees and stakeholders, Ambani unleashed another pricing and tariff war as he announced a ‘Happy New Year’ offer, rolling out free data, voice calls, wi-fi, etc till March 31, 2017. 
 
From December 04, 2016, every new Jio user will get Jio’s Data, Voice, Video and the full bouquet of Jio applications absolutely free till March 31, 2017. 
 
Read also: Breaking News: Mukesh Ambani rolls out ‘Happy New Year’ offer, unleashes unlimited data, voice calls till March 31 
 
 
(image: IndiaTimes)

Mukesh Ambani launches Jio Money Merchant Solutions, lauds Modi’s
demonetisation

<ul><li><keyword id="6354576" type="COMPANY" weightage="20" keywordseo="facebook">Facebook</keyword> and Reliance Industries are reportedly in talks to create a multipurpose app for India. </li><li>The app will allow users to chat, play games, shop online, book tickets and more. </li><li>The discussions have reportedly been delayed due to the Coronavirus pandemic. </li></ul>Reliance Industries and Facebook are reportedly in talks to create a multipurpose app for India that may change how Indians chat, play games and make payments. According to an Economic Times <a href="https://economictimes.indiatimes.com/tech/software/ril-facebook-weigh-creating-a-super-app/articleshow/75169476.cms">report</a>, the two companies are looking to create a <keyword id="1160904" type="COMPANY" weightage="20" keywordseo="WeChat">WeChat</keyword> like app for the country. The report suggests that both the companies would bring in technical knowhow, funding and domain expertise for the project. The discussions for the project have reportedly been delayed due to the Coronavirus pandemic. “This is going to be a defining partnership, and it’s not just a financial investment. The deal is about creating value and a business that would differentiate both Facebook and Reliance,” said a person familiar with the matter. <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword> may soon offer games, digital payments and more Facebook is looking to leverage its popular messaging app WhatsApp which crossed 2 billion users earlier this year. While the company has not revealed the number of users in India, it had reported 400 million users in July 2019. The multipurpose app will reportedly be built along the lines of WeChat that combines digital payments, games, social media, ticket booking and more in one app. Users will be able to chat, buy groceries from Reliance Retail stores, shop on the company’s Ajio platform or make payments using JioMoney on the new multipurpose app. It’s not clear if the companies will launch a new app for this or add these new functions to WhatsApp. Facebook may invest in Reliance Jio Mark Zuckerberg-led Facebook is <a href="https://www.businessinsider.in/business/news/why-facebook-owner-mark-zuckerberg-wants-stake-in-mukesh-ambani-owned-reliance-jio/articleshow/74803994.cms">reportedly</a> looking to acquire a 10% stake in Mukesh Ambani-owned Reliance Jio. However, a source told Economic Times that the situation is ‘fluid’ and it is unclear what the final structure would look like. “A new company could be created – where both the players could invest; or Facebook could invest in Reliance Jio and Reliance Retail, and that is the way the partnership could be formed for the new venture,” the source said. The two companies have reportedly hired top consultants and lawyers in the US to explore various aspects of the deal, including legal and taxation matters. See also: <a href="https://www.businessinsider.in/business/news/why-facebook-owner-mark-zuckerberg-wants-stake-in-mukesh-ambani-owned-reliance-jio/articleshow/74803994.cms">Facebook's next investment in India may be Mark Zuckerberg's most important — in Asia's richest man Mukesh Ambani</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-jio-becomes-the-largest-telco-by-revenue-and-subscribers-as-industry-shows-signs-of-recovery/articleshow/73667566.cms">Mukesh Ambani’s Reliance Jio becomes the largest telco by revenue and subscribers - as industry shows signs of recovery</a>

Mukesh Ambani and Mark Zuckerberg are looking to create a WeChat like super-app says report

<ul><li><keyword id="799608" type="ORGANIZATION" weightage="20" keywordseo="easyday">Easyday</keyword> stores across the country will now accept digital payments only through its own app – <keyword id="3721264" type="PERSON" weightage="20" keywordseo="Future-Pay">Future Pay</keyword>. </li><li>A circular put up in Easyday stores for customers said that the store will not be accepting <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> anymore, as per management orders.</li><li>The push for Future Pay comes at a time when the company is also focusing on a greater digital push, having partnered with Amazon in January 2020.</li></ul>Kishore Biyani-led <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> which runs BigBazaar and Easyday stores across the country, will now accept digital payments only through its own app – Future Pay. A circular put up in Easyday stores for customers said that the store will not be accepting Paytm anymore, as per management orders. <div type="image" title="IMG-20200227-WA0018" msid="74328817" hostid="261"></div>

 Future group had launched its digital wallet – Future Pay in October 2016 with loyalty programmes for consumers. It also has a feature called ‘Price Match’ where customers can compare prices of a product across all retail stores. If the lowest price is not what BigBazaar offers, it will adjust the amount and refund the consumer. However, the app has not made the splash it intended to. The Future Pay app on Google Playstore has around 10 million downloads. Unlike Paytm which processes payments across platforms with a single QR code, Future Pay does not offer cross-functionality as of yet, and can only be accessed at Future Group stores. The push for Future Pay comes at a time when the company is also focusing on a greater digital push. In January 2020, e-commerce giant Amazon signed a long-term business agreement with Future Group. As per the deal, Amazon will become Future Retail’s authorized online sales channel. It had already launched its online service with Amazon across 22 centres. The group’s <keyword id="6357823" type="UNKNOWN" weightage="20" keywordseo="big-bazaar">Big Bazaar</keyword> and FoodHall will also be available online, soon. The competition in the grocery and food retail segment is heating up. It’s not just the startups like BigBasket, Grofers, MilkBasket but also bigwigs like Amazon, Flipkart that are indulging in the sector. Another big threat comes from Mukesh Ambani’s Reliance Jio which has already done a soft launch for JioMart – its online grocery retail offering. According to <a href="https://entrackr.com/2020/01/exclusive-jio-enters-upi-payments-facility/">reports</a>, Reliance has also entered the UPI payments segment, while it already has a wallet platform called JioMoney. Meanwhile, Future Retail had posted a 15% fall in profits in the third quarter of FY20. It saw its profits go down to ₹170.73 crore from ₹201.43 in the same quarter the <a href="https://www.businessinsider.in/business/news/slowdown-and-a-threat-from-e-commerce-a-double-whammy-for-future-retail-posts-a-15-fall-in-profits/articleshow/74117360.cms">previous year</a>. See Also: <a href="https://www.businessinsider.in/business/news/slowdown-and-a-threat-from-e-commerce-a-double-whammy-for-future-retail-posts-a-15-fall-in-profits/articleshow/74117360.cms">Slowdown and a threat from e-commerce – a double whammy for Future Retail, posts a 15% fall in profits</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-flipkart-get-2-month-relief-from-karnataka-high-court-over-a-cci-investigation/articleshow/74136780.cms">Amazon, Flipkart get 2-month relief from Karnataka High Court over a CCI investigation</a>

Kishore Biyani snubs Paytm, only Future Pay to be accepted at Easyday stores

It's safe to say that the effects of <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">Demonetisation </a>are still being felt and the lack of new currency in our hands can't be labelled as just 'a minor inconvenience' anymore. 
 Queues outside banks and ATM are just as long as they were a week ago and the death toll due to <keyword id="3315394" type="UNKNOWN" weightage="100" keywordseo="demonetisation">Demonetisation</keyword> just keeps on increasing propelling our country into a very sad state of affairs. 
 
The only silver lining at this point when we are cash-starved and are in need of essentials are some of the deals that companies have going on to help fight cash ban. At this point, our only true friend seems to be cashbacks. 
 
Proving to be a boon for us, <a href="http://www.businessinsider.in/searchresult.cms?query=reliance+jio&amp;sortorder=effectivedate">Reliance Jio</a> has come up with crazy deals to make it easier for people to go about their daily life. Here's what the company has promised-' 
 • There is going to be 10% cashback available on shopping with JioMoney at any <keyword id="110291" type="COMPANY" weightage="100" keywordseo="Reliance-Fresh">Reliance Fresh</keyword> &amp; <keyword id="3874907" type="ORGANIZATION" weightage="100" keywordseo="reliance-smart">Reliance Smart</keyword> stores across India. To make it even better, there is no cap on the <a href="http://www.businessinsider.in/searchresult.cms?query=cashback&amp;sortorder=effectivedate">cashback </a>earned. 
 
• There’s more. Customers who essentially use cash for shopping can also avail the cashback by utilizing the cash loading points inside each Reliance Fresh or Reliance Smart store to pay via JioMoney and then earn the cashback of 10% on the total invoice. 
 
• The cashback will be credited in 2 working days 
 
• People struggling to find change for Rs.2000 will find relief with this offer as the stores are providing customers with cash loading points allowing them to shop &amp; pay for items of any value 
 
• Customers can also transfer the loaded unused money in the JioMoney account back to their bank account. Customers however can use the money loaded at over 50,000 online merchants &amp; 70 plus billers. So essentially the money will be utilized in due course in making cashless payments for utilities, bill payments, insurance payments, e-commerce transactions &amp; offline store payments. 
 
Image credit: Indiatimes

Demonetisation effect: Reliance
Jio offers crazy deals to fight cash ban

New Delhi, Apr 24 () Online <keyword id="6359540" type="PERSON" weightage="20" keywordseo="payments">payments</keyword> dropped by 30 per cent during the nationwide lockdown, hit by fall in digital <keyword id="96567" type="COUNTRY" weightage="20" keywordseo="Transactions">transactions</keyword> across sectors like logistics, travel, real estate and food and beverages, as per a report by fintech platform Razorpay.The report is based on transactions on Razorpay's platform between February 24 to March 23 (before lockdown) and March 24 to April 23 (during lockdown). It found that digital transactions recorded highest fall of 41 per cent in Gujarat followed by Madhya Pradesh (39 per cent) and Tamil Nadu (26 per cent). Interestingly, segments like utilities (bill payments), IT and software, and media and entertainment saw a growth of 73 per cent, 32 per cent and 25 per cent, respectively as people stayed indoors. "Transactions in logistics dropped by 96 per cent due to gaps in supply chain. Travel sector declined by 87 per cent, real estate by 83 per cent, F&amp;B by 68 per cent, and Grocery by 54 per cent," the report said. Digital transactions in cities like Ahmedabad, Mumbai and Chennai took a hit of 43 per cent, 32 per cent and 25 per cent, in these 30 days (March 24 to April 23), it added. "A significant drop of 30 per cent in online payments in the last 30 days is something we are seeing for the first time after demonetisation," Razorpay CEO and co-founder <keyword id="3349619" type="PERSON" weightage="20" keywordseo="Harshil-Mathur">Harshil Mathur</keyword> said. He added that in the first two weeks of March before lockdown, the overall online spending increased by about 10 per cent but later saw a dip primarily owing to precautionary measures which people started to take by staying indoors. Mathur said while COVID-19 continues to create uncertainty on a number of fronts, the pandemic is also a turning point for the fintech industry. There has been a growth in adoption of digital payments, especially in tier II and III cities in the last 30 days of lockdown. "I believe this is a huge opportunity for fintech companies, some of them may have to re-examine their business models after COVID-19, prioritising growth and customer acquisition over profitability. The fintech industry will be forced to evolve, think big and act boldly which will eventually result in innovations in payments and banking solutions to be able to meet new customer demands and behaviours," he said. During lockdown, online donations (transactions) towards NGOs increased by 180 per cent, the report said. In payment modes (during lockdown), UPI made the highest contribution of 43 per cent, followed by debit and credit cards with 39 per cent and netbanking with 10 per cent. However, compared to the 30 days before lockdown, transactions via UPI, cards and netbanking declined by 37 per cent, 30 per cent and 28 per cent, respectively, the report added. Among UPI apps, Google Pay contributed the highest with a 46 per cent share followed by PhonePe with 29 per cent and <keyword id="6357120" type="PERSON" weightage="20" keywordseo="paytm">Paytm</keyword> with 10 per cent. During the lockdown, Paytm saw a drop by 47 per cent, Google Pay 43 per cent and PhonePe 32 per cent. However, Paytm dismissed the same. "We would like to ascertain that Paytm Payments Gateway is India's leading payment processing platform with over 50% market share. For our merchant partners, we are directly processing transactions that can not be captured by any other payment gateway provider with regards to Paytm's UPI growth, contribution, and market share. Therefore, transactions done on Razorpay cannot be put forward as the industry's trend to determine Paytm's contribution to UPI. Their representation on Paytm's growth is misleading," said a Paytm spokesperson. Mobile wallet transactions, particularly in tier II cities saw a spike in the last 30 days, owing to increased contribution to PM Cares Fund and cashback offers and transactions via JioMoney increased by 66 per cent, AmazonPay by 63 per cent and Paytm by 43 per cent, the report said. SR ANUANU

30% drop in online payments amid lockdown: Razorpay

<ul><li>The Chinese smartphone manufacturer, Xiaomi, is looking to monetise its already launched internet services in India according to <keyword id="2210169" type="PERSON" weightage="20" keywordseo="Xiaomi-India">Xiaomi India</keyword>'s managing director. </li><li>As the already marginal gross profit margin from smartphones is decreasing for the company, the gross profit margin from internet services increased in FY18.</li><li>As Xiaomi monetises its growing user base for internet services in India it could be a possible disruption for other players in the market.</li></ul>After conquering the budget smartphone segment in India, the Chinese smartphone manufacturer, Xiaomi, is ready to enter the burgeoning arena of internet services. The company's already launched a lot of these services in India — like Mi Pay, Mi Videos, Mi Music and Mi Drop — but now, it's looking to monetise those business models. The <a href="https://www.businessinsider.in/xiaomi-investment-india-new-products-launch-expected/articleshow/68460618.cms">recent</a> ₹35 billion infusion into the Xiaomi's India operations is going to be used to build more on the digital content and services business <a href="https://economictimes.indiatimes.com/tech/hardware/xiaomi-looks-to-monetise-internet-services-in-india/articleshow/68666216.cms">according</a> to Xiaomi India's managing director, Manu Kumar Jain. 
 
 
 
 
 
 
 <div type="ExtQuote" text="Xiaomi globally made less than 1% profit margin from hardware or device sales in 2018, and we have stated that will never make more than 5% profit margin on hardware. It is the internet services which will make money for us." auname="Manu Kumar Jain, Xiaomi India's managing director told the Economic Times"></div>













 Within the first quarter of 2018, two new players — <a href="https://www.businessinsider.in/spotify-launches-in-india/articleshow/68173763.cms">Spotify</a> and <a href="https://www.businessinsider.in/youtube-music-launches-in-india-to-compete-with-spotify/articleshow/68385096.cms">YouTube Music</a> — entered India's over-the-top (OTT) services space. Services like <a href="https://www.businessinsider.in/hotstar-vip-subscription-plan-price-features-original-content/articleshow/68532179.cms">Hotstar</a> and <a href="https://www.businessinsider.in/netflix-mobile-only-plan-india-price-features/articleshow/68531031.cms">Netflix</a> have also been experimenting their subscription option to optimise them for the Indian consumer. Even the digital wallet market is getting more competitive as <a href="https://www.businessinsider.in/google-for-india-2018-heres-everything-you-need-to-know/articleshow/65581116.cms">Google</a>, <a href="https://www.businessinsider.in/amazon-india-and-amazon-pay-sales-may-increase-as-the-online-retail-giant-expands-physical-presence/articleshow/68590870.cms">Amazon</a>, PayTM, PhonePe and JioMoney are launching partnerships and offers to reel in more consumers. The Indian over-the-top (OTT) streaming services is <a href="http://image-src.bcg.com/Images/Entertainment-Goes-Online_tcm21-208006.pdf">estimated</a> to grow to $5 billion by 2023 and the current players have only <a href="https://www.businessinsider.in/heres-why-ott-platforms-were-a-big-hit-among-indians-in-2018/articleshow/67286083.cms">touched</a> the tip of the iceberg according to the Boston Consulting Group (BCG). If Xiaomi's smartphone pricing strategy is anything to go by, then its not afraid to undercut the competition. From smartphones to internet services Most of Xiaomi's revenue is derived from the sale of its smartphones. In fact, 65.1% of the company come from smartphones according to the company's <a href="https://www.businessinsider.in/xiaomi-smartphones-in-india-more-expensive-us-china-trade-war/articleshow/68517077.cms">annual report</a>. But, the gross profit margin on those devices fell from 8.8% in FY17 to 6.2% in FY18. In the same period, the gross profit margin of internet services increased from 60.2% to 64.4%. And, though internet services only account for 9.1% of Xiaomi's total revenue, the segment has shown an year-on-year growth on 61.2%. 
 
 
 
 
 
 
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 Things as they stand Currently, Mi Music and Mi Video has over 40 million users per month in India. And, Xaomi's already started monetising those services by introducing a subscription plan for the former. Xiaomi's file transfer service, Mi Drop has crossed over 100 million downloads in Google's Play Store after being launched in January this year. And, it's also reportedly at the helm of introducing Mi Credit, an instant loan platform, in India after it unveiling Mi Pay, its Unified Payments Interface (UPI) application last month. See also: <a href="https://www.businessinsider.in/xiaomi-smartphones-in-india-more-expensive-us-china-trade-war/articleshow/68517077.cms">Global currency wars made it more expensive for Xiaomi to sell phones in India</a> <a href="https://www.businessinsider.in/xiaomi-investment-india-new-products-launch-expected/articleshow/68460618.cms">Xiaomi makes its largest investment in India so far</a> <a href="https://www.businessinsider.in/redmis-budget-smartphones-will-have-their-own-identity-as-the-brand-breaks-away-from-xiaomi/articleshow/67378457.cms">Redmi's budget smartphones will have their own identity as the brand breaks away from Xiaomi</a>

Xiaomi is looking to make five times more money — and that may be a headache for Netflix, Amazon, Spotify, and even PayTM

To ease rush at booking counters, the railways is mulling introducing booking of unreserved railway tickets on e-wallets like PayTM, JioMoney and <keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> Money. 
 
According to agency, the move is also expected to help scale up paperless mobile ticketing operation across the country in a big way. 
 Unreserved ticketing forms a huge chunk of the railways' total ticket sale in a day and "we want to tap this sector through e-commerce", a senior <keyword id="54441" type="ORGANIZATION" weightage="20" keywordseo="Railway-ministry">Railway Ministry</keyword> official told the agency. 
 
The railways will not have to bear any cost for the facility. Instead, the public transporter is expected to earn from the selected e-wallet players commission on each ticket sold and retainer fees. 
 
Many top mobile wallet companies are keen on joining the railways, the official said, adding talks were on to finalise the modalities. 
 
Since these e-wallets are already operational for booking taxis, cinema tickets and other services, joining the railways will offer a big scope for these private players. 
 
The move is a win-win proposition for both the railways and the mobile wallet companies, the official said. 
 
The railways carry total 23 million passengers in a day, of which only six per cent is in reserved category and the rest are in unreserved segment which includes daily commuters. 
 
At present, mobile ticketing options are available in a few suburban sections including Chennai, Mumbai and Delhi-Palwal. 
 
However, despite the huge scope in unreserved ticketing sector, the use of railway wallet for mobile ticketing did not elicit as good response as expected. 
 
According to the railways, the use of e-wallets like PayTM in the unreserved ticketing system is expected to boost the paperless mobile ticketing operation. 
 
While the current mobile ticketing requires geo-fencing of certain area to prevent malpractices, there is no need for such measures with these e-wallets. 
 
Discussions are on with these players for making the operation foolproof with bar-coding system as more than one crore tickets are sold daily through unreserved ticketing system, said the official. 
 
Moving ahead with the 'Digital India' mission, the railways expect to make the e-wallet system operational across the country early next year. 
 
(Image: India Times)

You Searched For "JioMoney" and got 7 results

Mukesh Ambani launches Jio Money Merchant Solutions, lauds Modi’s demonetisation

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Mukesh Ambani and Mark Zuckerberg are looking to create a WeChat like super-app says report

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Demonetisation effect: Reliance Jio offers crazy deals to fight cash ban

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30% drop in online payments amid lockdown: Razorpay

PTI

Xiaomi is looking to make five times more money — and that may be a headache for Netflix, Amazon, Spotify, and even PayTM

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You may soon be doing #Paytmkaro to book unreserved railway tickets

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