(Bloomberg) — Billionaire Mukesh Ambani’s Jio Financial Services has introduced a new super-app for digital banking and payment services that will take on competitors including Google and Amazon in a crowded Indian market.
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The company announced the test version of its platform, named JioFinance, for UPI transactions, bill settlements as well as insurance related services. The financial arm of the oil-to-telecom conglomerate plans to expand into mutual fund loans and mortgage lending, it said in a statement Thursday.
Asia’s richest man’s latest initiative comes at a time when rival Adani Group is reportedly in talks to expand into e-commerce and payments. Earlier this week, the Financial Times wrote that Adani is considering applying for a license to operate on India public digital payments network, the Unified Payments Interface or UPI.
Aditya Birla Capital, a unit of Aditya Birla Group, in April launched a mobile application targeting 30 million new customers in the next three years. The mobile application offers 22 products and services, including UPI, online bill payments, loans, insurance and investments, among others. Google and Amazon already operate mobile apps for payments in India, but with limited services.
Blackrock Inc. has agreed to a joint venture with Jio Financial for wealth management and brokerage services, in addition to another partnership to create affordable digital index-related products.
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