Monday December 10, 2018
Home Business Reliance to l...

Reliance to launch Jio-Money Merchant Solutions app to enable digital transactions, especially among small Merchants

Using the JioMoney Merchant App, merchants can also make supplier payments, transfer money between his bank account and use digital petty cash

0
//
Reliance Jio Prime
Reliance Jio Prime Benefits are introduced with Triple Cashback offer. Wikimedia.
Republish
Reprint

Mumbai, Dec 1, 2016: To enable digital transactions, especially among small merchants, Reliance Industries on Thursday announced it was launching next week its Jio-Money Merchant Solutions.

“To enable digital transactions, merchants, especially small merchants, are an important component of our economy. To fuel their transactions, Jio is working to empower Indian merchants by building a digital retail ecosystem, which we are calling Jio-Money Merchant Solutions,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, in an address to stakeholders at RIL’s Navi Mumbai office.

NewsGram brings to you latest new stories in India.

“Starting December 5, every merchant can download the Jio-Money Merchant Application,” he added.

Ambani said this will enable digital transactions of all types, whether they be at mandis, small shops, restaurants, railway ticket counters, for bus and mass transit and even for person-to-person money transfers.

“Customers can use their JioMoney wallets to pay merchants from their bank accounts, and merchants can use the Jio-Money Merchant App to accept these payments directly into their bank accounts,” he said.

Look for latest news from India in NewsGram.

Using the JioMoney Merchant App, merchants can also make supplier payments, transfer money between his bank account and use digital petty cash.

“JioMoney is focused on signing up over 10 million small merchant retailers in the coming weeks across 17,000 towns and four lakh villages. With this, the JioMoney ecosystem will be a committed and enthusiastic partner for the smooth implementation of our Prime Minister’s game-changing vision of creating a digitally-enabled and strong Indian economy,” Ambani said. (IANS)

Click here for reuse options!
Copyright 2016 NewsGram

Next Story

HSBC and Reliance Execute Blockchain Trade Finance Transaction

The statement added that the transaction validated the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation

0
Reliance.
HSBC, RIL execute blockchain trade finance transaction.

Banking and financial services major HSBC and Reliance Industries Ltd on Sunday said that they have executed a first-of-its-kind blockchain trade finance transaction, validating the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

“This is an industry-first as the blockchain platform integrated with ‘Bolero’s electronic Bill of Lading’ (eBL) platform to issue and manage an electronic ‘Bill of Lading’,” a joint statement said.

“This allowed a digital transfer of the title of goods from the seller to the buyer in the underlying trade. It further enabled the underlying trade to be fully digitised.”

According to the statement, the end-to-end transaction was executed on “R3’s Corda” blockchain platform which is a single-shared application, rather than requiring multiple isolated digital systems across various counterparties located around the globe.

“The ‘Letter of Credit’ (LC) was issued by ING Bank for Tricon Energy USA (importer) with HSBC India as the advising and negotiating bank for Reliance Industries, India (exporter),” the statement said.

Reliance
Reliance.

“This solution is a significant improvement for any organisation involved in buying and selling goods internationally, as it truly brings together all parties onto one platform.”

The statement added that the transaction validated the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

Also Read- Private Messages of 120 mn Facebook Users Hacked: Report

“We are excited to partner with HSBC on digitalisation of trade finance. This reflects our continued commitment to embrace emerging technologies and industry-first initiatives,” Srikanth Venkatachari, Joint Chief Financial Officer, Reliance Industries, was quoted as saying in the statement.

“The use of blockchain offers significant potential to reduce the timelines involved in exchange of export documentation from the extant 7 to 10 days to less than a day. When adopted at scale, it helps in significant optimisation of working capital. Further, use of blockchain in trade finance enhances transparency, security and synergy across all the parties and stakeholders involved.” (IANS)