Jio Financial Services, a Reliance Group company led by Mukesh Ambani, announced on Tuesday that Jio Payment Solutions, a wholly-owned subsidiary, has been given permission by the central bank to function as an online payment aggregator. As of October 28, the authorization certificate is in effect. It enables the subsidiary to handle online transactions in accordance with Payment and Settlement Systems Act, 2007 Section 7. Last year, Jio Financial separated from the Ambani-led Reliance Group. Users would therefore be able to utilize the app in the same manner as they would with GPay or Paytm. Currently, Jio Payments Bank, which is reported to have more than 1.5 million active members, offers digital savings accounts with biometric authentication and a real debit card. Jio Payment Solutions is not the only company to have RBI. Earlier this year, online food delivery platform Zomato announced that the RBI has granted it a certificate of authorisation to its subsidiary Zomato Payments Private Limited (ZPPL) to operate as an 'Online Payment Aggregator'.
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