JioMoney

India has been a fertile ground for fintech innovations for years now. Both the government and India’s central bank have been working hard to support the cashless economy. The country strongly backs up the digitization of its financial sector, resulting in many international and homegrown digital payment solutions thriving.

The IMPS platform and Unified Payments Interface (UPI) empower various alternative banking services in India. Many banks and third-party payment systems use IMPS and the UPI real-time system to leverage the state-powered infrastructure. One of the banks on the list is Jio Payments Bank.

Consequently, another domestic payment service capitalizing on the state-owned infrastructure is JioMoney. You can use this e-wallet for various purposes, including depositing and withdrawing at Indian-friendly online casinos. However, the number of casino sites accepting JioMoney is still not as impressive as casinos supporting other India-based payment methods, like PhonePe or Paytm. Despite that, online gamers in India use JioMoney to make quick and safe deposits and cashouts. Read on to find out all you need to know about JioMoney as a casino deposit and withdrawal method.

What is JioMoney?

JioMoney is a prepaid digital wallet that was created with mobile users in mind. In other words, it primarily empowers mobile banking. Another thing that drives JioMoney’s success story is that it facilitates direct, cashless bank transactions. The payment service allows its users to make all sorts of online money transfers. You can pay bills, do online shopping, recharge your mobile phone plan, and make payments at brick-and-mortar stores.

JioMoney is a convenient and secure way of making digital money transfers across online and offline channels. When you register with JioMoney, you will benefit from a number of services. You can make instant cash-free payments whenever you need, anywhere. Furthermore, you can link multiple credit and debit cards and bank accounts with the service and use it in MyJio app for mobile casino banking. The service also allows you to send and receive money from other JioMoney users and bank accounts. You can top up your JioMoney wallet using credit and debit cards or bank accounts via your electronic banking.

To log into your JioMoney e-wallet through the MyJio app, install the latest version of MyJio from the App Store or Google Play Store. Connect your JioMoney number with the app to enable the bank tab. It’s worth noting that you need to have a JioMoney registered account to access the bank tab. If you’re already a user, tap the finance button to pick the SIM card linked to your JioMoney wallet. You will start device binding that will allow you to see your wallet details and balance status once the process has been completed.

JioMoney Accounts

JioMoney has two types of accounts you can use. A Basic Account allows you to load up to ₹10,000 per month and spend the same amount during the month. To use JioMoney Basic Account, you don’t need to submit documents to complete the KYC procedure.

If you want to load and spend more, you can opt for an Advanced Account. You can store up to ₹100,000 per calendar month with this account. Furthermore, the number of transactions is not limited if you use JioMoney Advanced Account. However, to become a premium user, you must complete the KYC verification procedure. It means that you’ll be asked to submit documents to authenticate your identity.

Finally, keep in mind that you can hold just one JioMoney account, a requirement that abides by the RBI (Reserve Bank of India) regulations.

History

And how did it all begin? Reliance Industries, an Indian conglomerate, got the Reserve Bank of India (RBI) approval to create its own bank in 2015. The new Jio Payments Bank Ltd. was established in 2016 as a collaboration between Reliance Industries and SBI (State Bank of India). SBI is one of the largest banks in the world that teamed up with Reliance to form Jio Payments Bank. In 2018, Jio Payments Bank was the sixth bank that started its operations in India. A new mobile-based digital wallet, JioMoney, was introduced the same year. Moreover, in 2019, JioMoney started utilizing the UPI ecosystem. As a result, Jio UPI services have become available to millions of MyJio and JioMoney users.