Business, Mobile, News

#MarketWire: Will Wallet Wars Get Hotter With Reliance Entering the Space?

Mukesh Ambani

Shown Above: Chairman & MD, Reliance Industries Limited

Recently and since the last couple of years I have come across several leaders and experts in the space of digital payments. Whenever I asked ‘What will be the next big thing in payments?’, the answer was unanimous – Mobile. While mobile payments include a number of methods, from wallets to NFC to even contactless payments, wallets have been catching up the fastest in India among all.

In a bid to stay at par with this consumer technology, Mukesh Ambani led Reliance Jio has launched a mobile wallet app  ‘JioMoney wallet’, for both Android and iOS devices. TOI was the first to report this quiet development. Besides the money storage & transfer features offered by other wallets, the company also aims to target offline merchants to adopt wallet technology to accept payments.

As per the TOI report, the company has already on-boarded 50,000 online merchants for the service. Reliance was one of the 11 companies which got RBI approval to open a payment bank in late 2015.

Screenshots of Reliance Jio Wallet Android App

Shown Above: Screenshots of Reliance Jio Wallet Android App

Indian consumers have already have a selection of mobile wallets, with Paytm, Mobikwik, Citrus, Freecharge and Oxigen being among the few popular ones. These companies have already established a stronghold among consumers, with Paytm being the leader and an evangelist of going cashless among offline businesses as well. While Reliance is a bigger brand owing to its legacy of multiple business arms, it’s unclear how it performs to grow its presence in the m-payment space.

Above are screenshots of its Android app, and it’s interface is far from the contemporary UI design that the leaders in the space are deploying. Nonetheless, will the brand ‘Reliance’ be sufficient to garner the online and offline merchant adoption it seeks? Will it be able to convert the junta still wary of storing money in wallets? Share your views in the comments below.

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