Jiomoney is a digital wallet launched by Reliance Jio. This digital wallet will be available for both the iOS and Android users across India.

Mukesh Ambani Chairman and Managing Director of Reliance Industries informed about the collaboration of the company with more than 20000 online merchant partners who will accept Jiomoney for transactions. Major online shopping portals such as Flipkart and Snapdeal will also be accepting Jiomoney for transactions. Moreover, Jiomoney can also be used for payment of bills as well as sending and receiving digital money. Transfer of digital money can also be done from one wallet to another wallet with a processing fee of 2.5%. As per the guidelines of the Reserve Bank of India (RBI), it is mandatory for Jiomoney to update the KYC process before increasing the transaction limitations.

As per the report published from TechSci Research, it is estimated that with the growth in the number of smartphone users and growing internet facilities, and with the increase in cashless transaction, the Indian Mobile Wallet Market will surpass USD 6 billion by 2020. The increase in the awareness level of digital wallet facilities, benefits and security measures and the increase in the acceptance of digital money as a payment mode is driving the mobile wallet market in India. 

As the number of internet users is growing at a fast pace the increase in the usage of digital money is on the rise. Big cities such as Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Kolkata, Pune have registered the highest number of digital wallet users. Even Tier 2 cities like Allahabad, Varanasi, Patna, Jabalpur etc are also emerging in terms of digital wallet usage. With other well established digital wallet platforms such as Paytm, Oxigen wallet in the market, Jiomoney is going to face a stiff competition.