Reliance Jio Offers 10% Cashback on Shopping with JioMoney App

[Mario D'souza]

Demonetisation has come as a blessing for digital payments Apps. Reliance Jio now offers 10% cashback on shopping with JioMoney app. The industry experts term it as a great move that can ease the pain of cash crunch to a certain extent in urban dwellings.

The telecom arm of Mukesh Ambani’s Reliance Industries has offered to give 10% cashback on shopping at its retail stores including Reliance Fresh and Reliance Smart stores when paid through JioMoney. Currently, there is no capping on the cashback earnings but as per the report, the amount will be credited within two working days.

The spokesperson also disclosed that the customers paying the bills at their stores through hard cash can also avail 10% cashback on the total invoice by making use of cash-loading points via JioMoney app. Moreover, the App allows the users to transfer the money back to their bank account without any surcharge. This digital payment is being accepted by more than 70 billers including utility payments, insurance payments, and other e-commerce transactions.

According to the leading business newspaper The Economic Times, mobile wallet transactions by the top three telecom operators Bharti Airtel, Vodafone India and Idea Cellular collectively would see a growth of 40-50% in this financial year. 10% cashback on JioMoney app is a good attempt to take on the leading telcos.

More Agony for the Middle Class:

As of now, there is no full stop to cash crunch and panic even after 15 days of demonetization. Incidentally, small businesses and a large section of people including daily wagers and farmers are being hammered by the cash crunch. The cities may rush around digital payments to cope with demonetization but rural India is facing the real heat as frustration peaks.

The photo published in Indian Express portraying Naeem Akhtar’s agony after failing to get enough money from an ATM located near the RBI office, for her daughter’s wedding is just one instance.