The JioFinance app was launched in India on Friday as a comprehensive solution for various financial needs.
Developed by Jio Financial Services Limited (JFSL), previously part of Reliance Industries Limited, the app is designed to simplify financial transactions for users across the country.
It was initially introduced in beta in May, and JFSL reports that over six million users have already benefitted from its services.
Key Features of the JioFinance App
1. UPI Transactions and Payments
The JioFinance app allows users to conduct UPI payments by linking their bank accounts. Users can scan QR codes at offline merchants, make online payments, and transfer money to other users.
The app also includes a UPI International feature for cross-border payments.
Additionally, users can manage various settings, including changing bank accounts and removing UPI IDs. Rewards are available for every UPI transaction made within the app.
2. Banking Simplification
The app simplifies banking by enabling users to open zero-balance savings accounts in just three steps.
With this account, customers can send and receive funds via NEFT or IMPS, and they will also receive a physical debit card.
Utility Payments and Loan Features
JioFinance offers functionalities akin to other payment service apps, such as:
Utility Bill Payments: Users can pay bills for various utilities.
Mobile and FASTag Recharges: The app supports mobile recharges and FASTag payments.
Credit Card Payments: Users can conveniently manage credit card transactions.
3. Loan on-Chat Feature
One of the standout features of the JioFinance app is the loan on-chat option. This allows users to obtain various types of loans, including personal loans, home loans, and mutual fund investments.
Users only pay interest on the amount they utilize, rather than the entire loan amount. The loan facility is available to all salaried individuals and customers from MSMEs.
Insurance Facilities
The app also includes an insurance facility, where users can explore and avail themselves of various plans, including life, health, two-wheeler, and motor insurance.
