India's Jio Payment Solutions gets cenbank nod as online payment aggregator
FILE PHOTO: People stand next to a logo of Jio Financial Services ahead of its listing ceremony at the Bombay Stock Exchange in Mumbai, India, August 21, 2023. REUTERS/Francis Mascarenhas/File Photo
MUMBAI : India's Jio Payment Solutions, a wholly-owned subsidiary of billionaire Mukesh Ambani-led Reliance Group firm Jio Financial Services, has received the central bank's approval to operate as an online payment aggregator, Jio Financial said on Tuesday.
A payment aggregator is a third-party service provider that enables customers to make and businesses to accept payments online. Payment aggregators enable their clients to accept various payment methods such as debit cards, credit cards, cardless easy monthly installments, United Payments Interface transfers, bank transfers, e-wallets, and e-mandates.
The approval is effective Oct. 28.
Jio Financial was spun out of the Ambani-led Reliance Group last year.
