Mumbai: Reliance Industries’ financial subsidiary, Jio Financial Services Limited, has unveiled its new JioFinance App, now available for download on Google Play Store, Apple App Store, and MyJio platforms. The launch, announced in a regulatory filing on Friday, 11 October 2024, marked a significant advancement in the company’s digital financial services portfolio. The app’s beta version, released on 30 May 2024, garnered an impressive 6 million users who provided valuable feedback, leading to substantial improvements in the final version.
The JioFinance App introduces a wide array of financial products and services designed to meet diverse user needs. Among its offerings are mutual fund loans, home loans featuring balance transfers, and property-based loans, all of which promise attractive rates and substantial savings for customers. Additionally, the app facilitates the opening of digital savings accounts through Jio Payment Bank Limited, which can be established in just five minutes using biometric authentication and physical debit cards. Presently, 1.5 million customers utilise Jio Payment Bank for managing their daily and recurring expenses, alongside services such as UPI payments, mobile recharges, and credit card bill payments.
One of the standout features of the JioFinance App is the ability for users to view their mutual fund holdings across various banks in one place, enhancing financial management and transparency. The app also offers digital options for life, health, two-wheeler, and motor insurance, providing comprehensive coverage solutions directly through the platform. In collaboration with BlackRock, Jio Financial Services is developing world-class, innovative investment solutions aimed at delivering exceptional value to its customers.
The launch of the enhanced JioFinance App has been well-received in the market, with Jio Financial Services’ shares experiencing a 0.07% increase, trading at ₹344. This positive market response reflects investor confidence in Jio’s strategic expansion into the digital financial services sector.
Jio Financial Services continues to leverage its robust technological infrastructure and customer-centric approach to provide seamless and efficient financial solutions. The introduction of the JioFinance App underscores the company’s commitment to innovation and its dedication to empowering customers with the tools needed for effective financial management.
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