Reliance Jio is reportedly working with National Payments Corporation of India (NPCI) to bring UPI Apps on JioPhones. Jio has been working on the NPCI infrastructure even before the Facebook deal was finalised. It is expected that working with NPCI will bring UPI apps for all the JioPhone users out there. Also, the move by Jio will encourage people for online payments and broaden the reach of Digital PaymentS in India. Though the work is happening for a long time, the final time of the rollout is still under darkness.
NPCI is Looking to Expand UPI Platforms
National Payment Corporation of India (NPCI) which looks out the working of UPI apps is looking to expand the reach of UPI apps in India. Since the government has imposed a lockdown period to combat the deadly COVID-19, the reach and demand of UPI Apps have taken hit. This is the first drop in the monthly value of UPI Apps. Since Jio has already started working on the NPCI Infrastructure, it is expected that the reach of popular Apps PhonePe and Google Pay will increase. Also, after the Facebook-Jio deal, UPI users will increase as soon as the Facebook-owned app WhatsApp gets government nod for WhatsApp Pay. The news of Reliance Jio working with NPCI was first reported by ET Telecom.
Jio Will Create Separate NPCI Structure for its Phones
Since JioPhones run on KaiOS which is different from Android and iOS operating system, Jio is working a separate NPCI library which will bring the payment screen where the users will put password after starting a transaction. As reported by ET Telecom, the UPI network and payment apps will intrigue the stakeholders.
Vista Invests Rs 11,367 Crore in Jio Platforms
In other news, Vista has acquired 2.32 % in Jio platforms by investing Rs 11,367 Crore in Jio Platforms. After the deal, Vista has become the second-largest investor in Jio Platforms after Facebook. The investment by Vista marks Jio Platforms equity value at Rs 4.91 Lakh crore and an Enterprise Value of 5.16 Lakh crore. The CEO and Chairman of Vista, Robert F. Smith, states that Vista knows the impact that Reliance Jio can make in Indian Subscribers. He also stated that Vista is excited to aid Reliance Jio in making India a digital society.