JioFinance App debuts in India; Competition alert for PhonePe, Paytm

Jio has rolled out the JioFinance app in the Indian market which will give tough competition to other apps like PhonePe and Paytm. The application has been developed by Jio Financial Services Limited (JFSL). The app can be used to initiate UPI transactions, and mutual funds investment, along with paying different bills. The beta version of the application was rolled out in May 2024. The app is available on both Google Play Store and Apple App Store. Moreover, you can also access the same through the MyJio Platform.

JioFinance app features

All the users can link their bank accounts on the JioFinance app and then use it for UPI payments along with scanning codes and paying at offline stores. Further, the UPI international feature of the application allows users to make cross-border payments. As soon as you download the application, the option to create a UPI ID can be seen right below the payment options tab.

What’s more, is that the users can also open their zero balance savings account on the application from the Jio Payments Bank. The feature is similar to what we got to see in the case of Paytm Payments Bank. Apart from that, users can also opt for a Jio Wallet to store their money.

The loan-on chat feature introduced in the application lets users get basic loans, loans on mutual funds, loans on property, and even home loans. And the users can even check their credit scores in the loan section. You can also get car, two-wheeler, life, and health insurance from the JioFinance app. As of now, the app offers to pay bills for FASTag, DTH, electricity, credit card, piped gas, and LPG. In the future, Jio has already claimed to add more billers to the list.