India’s veteran businessman Mukesh Ambani’s company Jio Financial Services has entered the personal loan business. Jio Financial Services said it has launched personal loan facility on MyJio app and announced to extend consumer loans to 300 offline stores. MyJio is a super app for telecom business by Reliance Industries. It provides facilities like bill payment and entertainment. My Jio app has 25.02 crore monthly active users. Interestingly, Paytm has 27.9 million monthly active users and PhonePay has 39 million active users.
Jio Financial is also working on loan schemes for the self-employed. Besides, small businessmen and personal loans are also being planned. Jio Financial Services is also working on auto and home loans as well as share mortgage funding schemes. Jio Financial has been focusing heavily on merchant payments for quite some time now. The company is also working on a sound box or speaker that notifies to confirm the transaction. Paytm and PhonePay are leading the country in this business.
Reliance’s financial services arm Jio Payments Bank has re-launched savings accounts and bill payment facilities. It is expected that Jio Payments Bank may launch a debit card soon. Jio Financial has tied up with 24 insurance companies including life, general and health insurance companies. The company is also betting big on the insurance broking business. In this business Jio Financial competes with giants like Policy Bazaar. Jio Financial has also applied for a general insurance license. According to the company, all the benefits of Jio will come under the digital roof, which is being developed as a unified app.