Who is endorsing whom? Mukesh Ambani announces new products under Jio umbrella for cashless transactions

New Delhi, Dec 2: Reliance Industries Limited Chairman and managing director Mukesh Ambani said that Jio Money application is committed for the smooth cash transactions. However, coincidentally or not, the statement comes following to PM Narendra Modi’s appeal to the nation for cashless transactions.

Such statements from both ends concrete the rumours which highlights that PM is batting for corporate including Reliance.

Ambani, as part of his Jio related announcements yesterday said that Jio crossed fifty million customers in 83 days. He further went on to congratulate Prime Minister Narendra Modi on his demonetisation move, calling it a “bold and historic” decision. The demonetisation was a big push for India towards a cashless economy.

Ambani said that the Jio Money Application is a commitment from the side of Jio towards making a smooth transition from a cash based economy to a cashless one. In order to allow for easy conversions of cash from physical to digital, and from digital to physical, Jio is using a link to the Adhaar card. Jio money is rapidly deploying micro ATMs at millions of touchpoints. Micro ATMs are small card reading devices used for distribution of cash without bulky machines that hold the money in trays.

He further came forward with plans of launching new products endorsing cashless transactions. A Digital Retail Ecosystem, called Jio Money Merchant Solutions. The ecosystem will allow digital transactions of various types, including small businesses, vegetable vendors, public transport services, and person to person transactions. The Jio Money Merchant application will be available from 5 December.

The accepted payments are directly routed to the bank accounts. The Merchant can make supplier payments, transfer money between multiple bank accounts, or use what Ambani calls “digital petty cash,” which is presumably money loaded into the wallet.

Ambani  seems to parroting the same words as that of PM.

“In 21st century India, there is no place for corruption. Corruption slows down growth and takes a toll on the dreams of the poor, neo-middle class and middle class,” he wrote in an article posted on Linkedin.com.

“Large volumes of liquid cash are a big source of corruption and black money,” he said while referring to his “historic” decision on 8 November to demonetise Rs500 and Rs1,000 banknotes with an aim of ending corruption and black money.

Asserting that in 21st century India, there is no place for corruption, Modi said, “Corruption slows down growth and takes a toll on the dreams of the poor, neo-middle class and middle class.”

Along with the article, he posted pictorial references to cashless options like credit cards. “I am sure most of you are using cards and e-wallets regularly but I thought I must share with you ways through which increased cashless transactions are possible,” he said.

Modi said the 8 November decision offered “a unique opportunity” for small traders, who have a central role in the economic transformation of India. “Today, our trading community has a historic chance to upgrade themselves and embrace more technology, which will bring greater prosperity,” he said.