Billionaire industrialist Mukesh Ambani is stepping up to challenge major payment platforms like PhonePe and Paytm with a new initiative from his telecom giant, Reliance Jio. The company has launched an innovative free service on its budget-friendly Jio Bharat phone that promises to bring substantial savings to millions of users.
Reliance Jio Introduces ‘Jio Sound Pay’ for Small Shopkeepers
On Friday, Reliance Jio rolled out its ‘Jio Sound Pay’ service for Jio Bharat users. This new feature allows small shopkeepers to receive audio notifications for every UPI payment they receive. The best part? This service comes at no cost to the users.
The Impact on Payment Companies like PhonePe and Paytm
Mukesh Ambani’s latest move is poised to shake up the dominance of companies like PhonePe and Paytm, which currently lead the digital payment market. These companies have been offering sound box services, widely used by small businesses, for a fee of around Rs 125 per month. However, with Jio Bharat now offering the same service for free, small shopkeepers stand to save Rs 1,500 annually.
According to a statement from Reliance Jio, the Jio Bharat Sound Pay service is expected to benefit a wide range of small businesses, including shopkeepers, vegetable vendors, and hawkers.
Multi-Language Payment Confirmation for Enhanced Convenience
One of the standout features of the Jio Sound Pay service is that it offers payment confirmations in multiple languages, providing immediate acknowledgment of transactions. This move ensures greater accessibility and ease of use for a diverse range of users.
A Timely Move Amidst Subscriber Changes
The launch of this free service comes at a time when Reliance Jio has seen a decline in its subscriber base for the past four months. However, in November, the company saw an uptick in new subscribers. This announcement also coincides with the growing success of government-owned BSNL, which has gained momentum by offering affordable 4G plans.
Mukesh Ambani’s latest strategy appears to be a game-changer, offering significant value to small businesses while challenging the established players in the payment industry.