Jio Financial Services unit gets RBI nod to become online payment aggregator

Jio Financial Services announced that its wholly owned subsidiary, Jio Payment Solutions Limited (JPSL), has received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This certification is effective from October 28, 2024.

A payment aggregator provides payment services to merchants and e-commerce sites by accepting payment instruments from customers.

The approval enables JPSL to facilitate online payment services under the Payment and Settlement Systems Act, 2007.

The development marks a significant step for Jio Financial Services in expanding its digital payment offerings, enhancing its position in the growing online payment sector in India.

Jio Financial Services, carved out from Reliance Industries Ltd, is engaged in investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.

It had raised its stake in Jio Payments Bank in late August, 2024, by increasing its shareholding to 82.17%. The increased stake in JPBL is expected to further enhance the market position of JFS as it continues to innovate and expand its range of financial services offerings.

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