JioMoney main

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.

JioMoney1

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 if the account is being closed via SMS or other channels approved by the Reserve Bank of India.
  • KYC details subimtted maybe used for other services offered by RSPL and even open a payments bank account. Note that Paytm is also asking its users to submit their KYC details to upgrade their wallet limits and the same will be used for its payment bank operations.
  • The JioMoney wallet is issued to consumers on an individual basis. No consumer will have more than one wallet in his or her name. This is odd. What if a user has two mobile numbers and wishes to use them to open two accounts with the same name?

Update: A MediaNama reader pointed out that Paytm and Airtel Money have a similar riders in their terms and conditions (hat tip: Shrinivas SG)

  • Interestingly, while signing up, JioMoney did not ask a customer for their email id and only asked for a customer’s mobile number. In other wallets such as Paytm, MobiKwik and FreeCharge, customers can sign in with an email id and password.

Here are the supporting screenshots:

supporting screenshots

We have written to Reliance Jio with the following questions and will update once we hear from them.

– The T&C says that the wallet will account may attract maintenance charges if it is dormant for more than six months. Is JioMoney going to enforce these charges? What will they be?
– It says that if an account does not have a financial or non-financial transaction for 6 months, it will be considered dormant. What are the transactions which can be considered non-financial in nature?
– It also adds that wallet will be issued to consumers on an individual basis and that a user cannot have more than one account in their name. Can a user with two mobile numbers set up two separate accounts under his name?
– During signing up, we noticed that JioMoney only asked for a mobile number and not an email address. Is there a reason why users can’t sign in with their email ids?