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The JioFinance app just launched in India to revolutionize finance and simplify banking for end users.
Jio Financial Services Limited (JFSL) has designed this app to cater to the various requirements of Indian consumers, such as processing UPI transactions, paying utility bills, investing in mutual funds, and loan services.
This app, targets becoming a one-stop shop for basic financial services and can be downloaded from the Google Play Store as well as the App Store. The app has been available in beta since May and already boasts over six million users.
The app also provides other services like online payments and money transfers to other users. The key features of the JioFinance app are:
1. UPI transactions: UPI International feature allows transactions across borders, therefore, letting the users enjoy a lot of flexibility. Also, the app gives user options to change their settings, like deleting a UPI ID or changing the bank account linked. Users can use their bank accounts to make UPI payments by scanning QR codes at offline merchants.
2. Zero-Balance Savings Accounts: This application provides a zero-balance savings account, which is availed by following just three steps. This account allows you to make all types of transactions through NEFT or IMPS, and a physical debit card opens up access to the funds.
3. Loan Services: With the revolutionary loan on-chat facility, users can now avail of almost all types of loans including personal loans, home loans, and loans against property. JFSL clarified that customers would only pay interest for the amount utilized, thus making it cost-effective for the borrowers. The facility is open to salaried individuals as well as to MSMEs.
4. Insurance: Customers can explore and take health, two-wheeler, and motor insurance making it an attractive app.
5. Utility Payments, and More: The JioFinance app also covers utility bill payments, mobile recharges, DTH recharge, and credit card payments, making it a multifunctional financial service.
The JioFinance app would provide banking services accessible and user-friendly throughout India. UPI-functionality, loan facilities, and insurance options make JioFinance an all-encompassing app, that serves each customer's need. This will change the face of banking and financial services in India completely.
