The JioFinance app was launched in India on Friday as a one-stop solution for basic financial matters. It was developed by Jio Financial Services Limited (JFSL), previously a subsidiary of Reliance Industries Limited. The app, which is now widely available to users in the country, offers the convenience of making UPI transactions, tracking and investing in mutual funds, and paying bills. Namely, it was first presented in beta version in May, and JFSL claims that more than six million people have already used its services.

JioFinance App Features

According to JFSL, JioFinance app is available for download on Google Play Store for Android and App Store for iOS devices. Alternatively, it can also be accessed through the MyJio platform.

With JioFinance, users can make UPI payments by linking their bank accounts and scanning QR codes at offline merchants. It also enables online payments and sending money to other users. The UPI International app feature can be used for cross-border payments. Various settings such as removing UPI IDs, changing bank accounts and setting up orders can be managed through the app. Rewards will be awarded for every UPI transaction made within the app.

Furthermore, the app also claims to simplify the banking experience by enabling balance-free savings accounts to be opened in three steps. Using this account, users can send or receive funds through NEFT or IMPS and also get a physical debit card.

JioFinance also has functionalities similar to other applications for payment services such as utility bill payments, mobile, FASTag, DTH recharges and credit card payments. With the chat loan feature, users can get loans including loans, mutual funds and property, and home loans and also transfer them. JFSL says it will have to pay only interest on the amount used as opposed to the full amount at once. The loan facility offered by the JioFinance application is available to all employees and small and medium enterprises.

The application also provides the possibility of insurance. Users can check and avail life insurance, health insurance, two wheeler insurance and motor insurance within JioFinance.