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Mukesh Ambani’s Jio Financial Services
has introduced a new super-app for
digital banking
and
payment services
that will take on competitors including Google and Amazon in a crowded Indian market.
The company announced the test version of its platform, JioFinance, for
UPI transactions
, bill settlements as well as insurance-related services. The financial arm of the conglomerate plans to expand into MF loans and mortgage lending, it said on Thursday.
Ambani’s initiative comes when rival Adani Group is reportedly in talks to expand into e-commerce and payments.
