To take on competitors like Google and Amazon, RIL's financial services arm Jio Financial Services on Thursday announced the launch of a pilot version of 'JioFinance' app to offer UPI, digital banking and other services.

This app seamlessly integrates digital banking, UPI transactions, bill settlements, insurance advisory, and offers a consolidated view of accounts and savings, all in one user-friendly interface, Jio Financial Services said in a statement.

Designed for friction-less navigation, the 'JioFinance' app will cater to users of all levels of familiarity with financial technology, ensuring money management on finger-tips.

Future plans include expanding loan solutions, starting with loans on mutual funds and progressing to home loans, demonstrating a commitment to evolving customer needs.

It prioritises trust, relevance, and transparency, seeking user feedback for continual improvement towards redefining digital banking experience.

Key features include instant digital account opening and streamlined bank management with the 'Jio payments bank account' feature.

To ensure customer satisfaction, 'JioFinance' will launch in beta, inviting user input for refinement. "Our end goal is to simplify everything related to finance in a single platform for any user across all demographics, with a comprehensive suite of offerings like lending, investment, insurance, payments & transactions and make financial services more transparent, affordable and intuitive," a company spokesperson said.

Jio Financial Services, carved out from Reliance Industries Ltd, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.

The company is in the process of seeking shareholders' nod for raising the foreign direct investment limit in the company up to 49 per cent. The company is a systemically important non-deposit-taking Non Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI).

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