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RJIL to foray into fintech business via PoS segment

January 10, 2019
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Reliance Jio Infocomm Limited (RJIL) is planning to foray into the fintech business in India by entering the point of sale (PoS) segment. To this end, RJIL has partnered with Hindustan Unilever Limited (HUL) for acquiring merchants for its PoS devices, which come with a QR code scanner.

In order to obtain RJIL’s PoS device, retail provision stores will have to deposit Rs 3,000. Moreover, the merchant discount rate (MDR) for all debit and credit card transactions up to Rs 2,000 would be zero. Besides this, merchants will also be able to access loan against card receivables.

According to some industry sources, the operator has already launched its PoS services in Mumbai, Bangalore, Hyderabad, Chennai, Pune and Kolkata on a pilot basis.

At present, the PoS accepts RJIL’s wallet, Jio Money and National Payments Corporation of India's Bharat Interface for Money (BHIM). The operator plans to add other wallets soon.


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