Reliance Jio and SBI Partnership to Enable Frictionless Payments on Jio Payments Bank

Reliance Jio and State Bank of India have come out of the curtains announcing their latest step to deepen the partnership between the two entities. Reliance Jio and SBI are going to collaborate on many fronts to deepen their digital partnership. Notably, the primary product which will benefit from this collaboration is Jio Payments Bank which is a Joint Venture between Reliance Jio and SBI.

Reliance Jio and SBI Partnership

The SBI YONO app and Reliance Jio’s MyJio app will seamlessly integrate the best of what both companies have to offer, Reliance Jio hinted. The company also highlighted that Reliance Jio would enable YONO’s digital payments and banking features and similarly Jio will bring the digital payment capabilities of SBI to Jio Payments Bank.

The Mukesh Ambani led telco also announced that the effect of this partnership would mean an enhanced consumer experience since now the customers will get both the added benefits of SBI Rewardz (existing loyalty program from SBI) and Jio Prime. Users will be able to redeem their loyalty points from SBI and also Reliance Jio will its offer its products at a special discount for SBI customers.

SBI will also join Reliance Jio as its preferred partner for designing and providing network and connectivity solutions. Jio’s high speed and reliance internet connectivity present in the urban regions will enable the bank to deploy customer-centric services such as video banking and others.

The executives of both the companies also emphasised the benefits of this partnership. Mr Rajnish Kumar, Chairman, SBI said, “As India’s largest Bank with leadership in digital banking, we are delighted to partner with Jio the world’s largest network. All the areas of co-operation are mutually beneficial in enhancing the digital foot-print for SBI customers with superior and rewarding customer experiences.”

Mukesh Ambani also made his remarks on this new partnership. He said “The scale of the SBI customer base is unmatched globally. Jio is committed to using its superior network and platforms combined with the Retail ecosystem to accelerate digital adoption serving all the needs for SBI’s and Jio’s customers.”

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9 Comments on "Reliance Jio and SBI Partnership to Enable Frictionless Payments on Jio Payments Bank"

 

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AU(Airtel User)
August 3, 2018 2:13 pm 2:13 PM
It’s good two big companies of there industry are coming together to serve people, good move. Even poor operators like idea can come aboard if they can afford to tie up with banks, that is big question ? Operators like idea are already at the mercy of banks and government as they are under huge debts and have close to zero assets to be sold. Look at there office locations for starters leave people sitting inside them, you can always found AC not working in idea stores disgusting. No presence in Delhi same story in other metros. There towers are… Read more »
Kaushik IMA
August 3, 2018 3:21 pm 3:21 PM
Height of stupidity from a fool. Idea made a smart choice as a new entrant by optimizing limited cash flows and buying more spectrum in A, B, C circles ignoring metros. This paid off very well for them as they managed to grow faster than the industry till the arrival of RJIO by growing subscribers and increasing RMS through smart investment. Idea 4G is already live in Delhi through ICR so I don’t know whether you ever leave your room?? Till today Idea spectrum is valued very highly except in small minded idiots like yourself. Instead of appreciating an underdog,… Read more »
Kaushik IMA
August 3, 2018 10:30 am 10:30 AM

Since a large majority of Indians in tier 2/3/4 have an SBI account, the usage of SBI rewards points on Jio means Jio will become no.1 in terms of customer market share in a few years.

Other telcos should now start partnering up with known banks…..

Priyansh Singh
August 3, 2018 8:55 am 8:55 AM

Was waiting for this since a long time. Already PayTM & AirTel have commercially began their Payments Bank’s Operations. Aditya Birla Payments Bank have already filed the necessary documents with the authority and have started testing their Operations. Only Jio was left and going by this Press Release they still have lot of work to do before commencing their Operation.

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