Mukesh Ambani launches this new UPI app to compete with PhonePe, Paytm

Mukesh Ambani is expanding his business empire and entering new segments every other day. According to Forbes, the 67-year-old billionaire is one of the richest people in the world with a net worth of Rs 963900 crore. Now his Jio Financial Services (JFS) has recently launched the beta version of the 'JioFinance' app. This app provides many facilities including UPI and digital banking. Currently, this app is in beta version.

This is an all-in-one app on which finance and digital banking services will be available. All kinds of banking services will be available on this app along with a UPI payment facility. Apart from this, bill settlement and insurance advisory will also be available in the app. It has been made available for download on Google Play Store. After user feedback, the app will finally be rolled out for general users. The company said that this app will meet the needs of users of all levels familiar with financial technology and ensure easy money management.

Its key features include instant digital account opening and streamlined bank management with the 'Jio Payments Bank Account' feature. Jio Financial Services spun off from Reliance Industries Limited, is engaged in the business of investing and finance, insurance broking, payment bank and payment aggregator, and payment gateway services.