Mukesh Ambani-led Reliance Jio has launched its wallet JioMoney services to the public. The app is now available on the Google Play Store. A report by the Economic Times says that JioMoney has signed up more than 50,000 online merchants and will be supporting transactions on marketplaces like Flipkart and Snapdeal. The app was launched on the Play Store on April 28 and so far has very few installs (~50-100). The wallet will allow the usual recharges for DTH and telecom operators. It will also allow payments for utilities and insurance premiums. In addition to peer-to-peer transfers from wallets, JioMoney allows wallet-to-bank account transfers. However it seems Jio charges 2.5% for these transactions. JioMoney account's details On signing up, users will have to create a JioMoney account. From the terms and conditions, it seems that the wallet will be heavily tied to the company's payment bank operations. Reliance has a prepaid payments instrument licence and a payments bank licence from the Reserve Bank of India. When it commences its payments bank operations, the wallet licence will be merged. Here's what we found out: JioMoney says that users can attract a maintenance fee for dormant accounts. An account will be considered dormant if there are no financial or non-financial transactions taken place for six months. If the account is left dormant for more than 12 months, untilized balance is JioMoney will be forfeited at the discretion of the company. Reliance Payment Solutions Limited (RSPL), the payments company of Reliance Jio, will initmate users…
