Jio UPI: Jio, a big player in the Indian telecom sector, is now going to enter UPI payments. With the entry of Jio in this segment, big players like Paytm and PhonePe are going to face tough competition. When Jio entered the telecom sector, it made a big splash by providing free services. Due to this, everyone except three big players had to stop their services. Now Jio has started offering Soundbox at retail outlets. This is a direct challenge to Paytm Soundbox.
Jio Soundbox trial begins
With the addition of Soundbox to Mukesh Ambani's Jio Pay App service, the company's interference in the UPI payment segment will increase. According to NBT report, Jio has started the trial of Soundbox. Paytm, PhonePe and Google Pay already have a hold in this segment. However, due to the action of RBI against Paytm Payment Bank, Paytm faced a big crisis. Jio has started taking rapid steps to take advantage of this opportunity in the digital payment segment. The company is also giving good incentives to the shopkeepers.
Good opportunity got from Paytm crisis
According to the report, due to Paytm Crisis, Jio has got a good opportunity to move forward. With this move of Jio, other companies are gearing up to increase competition. With the help of its existing infrastructure and technology, Jio is not going to face much difficulty in moving forward in the UPI payment segment. The company can easily achieve huge market share in the digital payment sector. The digital payment segment is continuously growing in India.
Flipkart has started its UPI service
Recently, the leading e-commerce company Flipkart also announced the launch of its UPI service (Unified Payments Interface). The company had launched its UPI handle (@fkaxis) in collaboration with Axis Bank. By entering digital payment service, the company wants to provide more facilities to its customers. Currently, Flipkart UPI is available only for Android customers. With its help, consumers can also make payment directly from Flipkart app.
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