Farukh Kitchlew | Nov 29, 2023 | 0
Reliance Tests Sound Box Payment System to Enhance financial services
Reliance is actively conducting sound box payment system trials to enhance financial services. This innovative approach, reminiscent of Paytm’s, aims to validate and announce successful transactions swiftly. Moreover, with a price tag slightly above $1 per month, this pocket-sized speaker has already reached millions of merchants via Paytm. Reliance, India’s largest company, is taking proactive steps to understand its potential.
Furthermore, Reliance is experimenting with the sound box within its campus stores. Notably, they are utilizing Jio Pay as the pivotal reconciler for this endeavor. However, the specific timeline for a potential public launch remains undisclosed, as Reliance did not respond to requests for comments.
Empowering Financial Services at Reliance
The sound box, priced at under $20, signifies digital transactions in India. It fosters trust in bustling areas, enhancing payment reliability. Significantly, HDFC, ICICI, Amazon, Google, and others have launched or tested similar solutions. Reliance’s interest aligns with Jio Financial Services’ expansion. They plan wealth management with BlackRock and merchant lending.
While not yet actively offering services, the company is poised to embark on a path toward wealth management. A significant partnership with BlackRock is in the works to achieve this goal. Additionally, Reliance is set on expanding into merchant lending, a sector with considerable potential.
The forthcoming merchant lending division aims to cater to diverse financial needs. This includes trade credit, personal loans, store improvement loans, and unsecured business loans. In parallel, their MSME finance division intends to provide essential working capital funding for suppliers and distributors.