Jio Payment to operate as online aggregator

Jio Payment Solutions Limited (JPSL), a subsidiary of Jio Financial Services (JFS), announced that it has received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator.

The authorisation, effective from October 28, permits JPSL to handle digital transactions in compliance with Section 7 of the Payment and Settlement Systems Act, 2007. This approval allows Jio Payments to facilitate and manage digital transactions for merchants and customers alike. This would be a service similar to other digital payments such as what Paytm or Phonepe offer.

“Jio Payment Solutions Limited (“JPSL”), a wholly-owned subsidiary of the company, vide its e-mail dated October 28, has informed the company that the Reserve Bank of India (RBI) has granted certificate of authorisation to JPSL to operate as an ‘Online Payment Aggregator’ under Section 7 of the Payment and Settlement Systems Act, 2007, with effect from October 28, 2024,” the company said in a filing to the stock market.