SBI ties up with Reliance Jio to accelerate digital transactions
State Bank of India (SBI) has inked a pact with Reliance Jio Infocomm to integrate its digital banking solution Yono with MyJio application to boost digital payment.
SBI said Yono would now be preloaded on Reliance Jio handsets and SBI customers would benefit from Jio Prime, a consumer engagement and commerce platform with exclusive deals from Reliance Retail, Jio and partner brands.Read more ↓
Existing Jio customers will get the benefits either by downloading Yono on their handsets or at the time of replacement cycle, SBI’s deputy managing director Mrutyunjay Mahapatra told ET.
“It’s a non-exclusive tie up so we can do similar arrangement with other service providers. However, there is no such move at present,” he said.
About 1.5 crore of 42 crore SBI customers are using Yono now while the banking behemoth expects the number to multiply with the partnership with Jio.
The latest pact is going to deepen SBI and Reliance’s partnership after their 30:70 joint venture in Jio Payments Bank.
“The scale of the SBI customer base is unmatched globally. Jio is committed to using its superior network and platforms combined with the Retail ecosystem to accelerate digital adoption serving all the needs for SBI’s and Jio’s customers,” Reliance Industries Ltd Chairman Mukesh Ambani was quotes as saying in a press statement issued by SBI.
MyJio, an over-the-top mobile applications will now bring in financial services capabilities of SBI and Jio Payments Bank.
SBI will also be engaging Jio as one of its preferred partners for designing and providing network and connectivity solutions. Additionally, Jio Phones will be available on special offers for SBI customers.
“All the areas of co-operation are mutually beneficial enhancing the digital foot-print for SBI customers with superior and rewarding customer experiences,” SBI chairman said. The service will be rolled out in the next 60-90 days.