Jio Financial Services launched its JioFinance app in beta mode, say it aims to drive digital transformation and improve the “financial well-being of every Indian”.

The app is intended to facilitate Digital banking and its users' daily finances, the company said in a press release on Thursday (May 30).

“Our ultimate goal is to simplify everything related to finance on a single platform for all users across all demographics, with a comprehensive offering of loans, investments, insurance, payments and transactions, and make financial services more transparent, affordable and intuitive,” a Jio Financial Services spokesperson said in the press release.

The app combines digital banking, Unified payment interface (UPI) transactions, bill payments, insurance advice and a consolidated view of accounts and savingssays the statement.

The app is designed to appeal to all users, regardless of their familiarity with financial technologysays the press release. Key features include instant digital account opening and streamlined bank account management.

Jio Financial Services plans to expand the app’s features in the future to include additional credit solutions, including mutual fund loans and home equity loans, the press release said.

During JioFinance beta launch, the company invites user input so that it can According to the announcement, the app will be further refined.

“JioFinance values ​​trust, relevance and transparency and seeks user feedback for continuous improvements to redefine the digital banking experience,” the company said in the press release.

Indian consumers and merchants alike have embraced innovations in the mobile payments space. For example, 79% of consumers in India paid for their last retail purchase using a digital wallet where UPI was the underlying payment method, and 53% of local consumers prefer UPI when purchasing retail products online, according to the “Global Digital Shopping Index 2023: India Edition.”

The launch of JioFinance by Jio Financial Services came shortly after reports of two other developments at the company.

First, the company wants go in The Equipment leasing business, including routers and mobile phones. Second, it formed a joint venture with BlackRock in which companies have a Asset management and brokerage business in India.