# Jio Payment finally gets RBI nod, to rival Paytm and others in… | Tech News (HT Tech) > Jio Payment Solutions has received RBI approval to operate as an online payment aggregator, positioning itself to compete in India's digital financial services market effectively. # Jio Payment finally gets RBI nod, to rival Paytm and others in… ## Jio Payment Solutions has received RBI approval to operate as an online payment aggregator, positioning itself to compete in India's digital financial services market effectively. Oct 31 2024, 11:18 IST ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook.png) ![Follow on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/follow-us-facebook-hover.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Share.png) ![Share](https://images.hindustantimes.com/tech/static/revamp/images/png/Shareclicked.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp.png) ![Share on WhatsApp](https://images.hindustantimes.com/tech/static/revamp/images/png/whatsapp-hover.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter.png) ![Share on Twitter](https://images.hindustantimes.com/tech/static/revamp/images/png/twitter-hover.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook.png) ![Share on Facebook](https://images.hindustantimes.com/tech/static/revamp/images/png/facebook-hover.png) ![Bookmark](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmark.png) ![Bookmarked](https://images.hindustantimes.com/tech/static/revamp/images/png/Bookmarked.png) ![Jio Payment](https://images.hindustantimes.com/tech/img/2024/10/30/1600x900/Jio_Payment_finally_gets_RBI_nod_1730280328656_1730280328869.jpg) ![icon](https://images.hindustantimes.com/tech/static/revamp/images/png/imageviewall.png) Jio Payment Solutions gets RBI approval to operate as a digital payment service in India. (Jio) ![Author Photo](https://images.hindustantimes.com/tech/static/revamp/images/png/HTTech-new-circle-logo.png) ### By HT TECH Jio Payment Solutions, part of Jio Financial Services (JFS), has received regulatory approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator, beginning October 28, 2024. This authorization allows Jio Payments to manage digital transactions between merchants and consumers, positioning it as a competitor in the payment services sector, similar to platforms like Paytm. ## Strategic Market Position Amid Competitor Challenges With this approval, Jio Payments becomes part of a select group of RBI-certified online payment aggregators, which marks a significant step in India’s digital payments industry. The timing is notable, as Paytm, a major digital payments provider, has recently encountered regulatory restrictions that limit its ability to onboard new users. These constraints create an opening for Jio Payments to potentially expand its influence and reach in the digital financial space, possibly capturing a larger segment of the market. Also read: Is YouTube hiding view counts, upload dates on the homepage? Company responds to media report Also read click here. The role of an online payment aggregator enables Jio Payments to offer businesses and merchants the tools to accept multiple payment types, such as debit and credit cards, Unified Payments Interface (UPI) transactions, e-wallets, and others. Jio’s move into this area complements its existing services through Jio Payments Bank, which provides digital savings accounts with biometric access, as well as physical debit cards, serving an existing user base of over 1.5 million active customers. Also read: 5 best travel-friendly gaming laptops in India ## RBI’s Approval Strengthens Jio’s Fintech Ambitions The RBI’s decision underscores the bank’s confidence in Jio’s compliance with regulatory standards, setting the stage for Jio to play a more prominent role in India’s rapidly evolving fintech ecosystem. JFS has made it clear that its ambitions include enhancing its digital banking and payments portfolio, and this approval aligns with those goals. This development for Jio Payments arrives as Paytm faces ongoing regulatory issues. Paytm Payments Bank, Paytm’s financial arm, was recently restricted by the RBI from onboarding new customers due to compliance-related matters. This has limited Paytm’s ability to expand, opening opportunities for other providers, including Jio, to cater to unmet demands in digital payments. Also read: iPhones worth ₹50,447 crore shipped from India as Apple shifts China focus Jio Financial Services, spun off from Reliance Industries, focuses on investment, financing, insurance brokerage, payment banking, and aggregator services. As reported by CNBC TV 18, in August 2024, JFS increased its stake in Jio Payments Bank to 82.17 percent, reinforcing its strategic investment in financial services. The move aims to solidify JFS’s position as it continues to develop its suite of services in India’s competitive fintech market, with an eye on further expansion and innovation. Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. 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