Indian telecommunications giant Reliance Jio has begun piloting Jio Pay, a new UPI-enabled payments service which includes support for both NFC and QR mobile payments.
Jio Pay supports all the features of the National Payment Corporation of India’s united payments interface (UPI) real-time payment system, including transfer service Pay Through VPA (Virtual Payment Address) and QR-based scan and pay transactions, BGR India reports.
“According to our information, Jio Pay for JioPhone has been built over a tokenization platform, and it uses tap and pay contactless payments through NFC in any NFC-enabled POS machine,” the publication says.
“As of now, Jio has onboard Axis, ICICI, HDFC, Standard Chartered, IndusInd, SBI, Kotak, YesBank, RBL Bank. It has also been said that both [the] credit and debit cards (Mastercard and Visa) of these banks can be tokenized and used for payment.”
“It is now expected that the Jio Pay wider rollout will soon take place,” the publication adds.
“So far, only original JioPhone users have got the UPI feature, and we are expecting JioPhone 2 onwards to get the same feature at the official launch.”