JioMoney is a digital wallet operating exclusively in India. The company is a joint venture between Reliance Industries and the State Bank of India. It began as a project to make digital payments over online channels safe and secure. Users can make instant bill payments and pay online and in physical stores. Players fund their JioMoney wallets using their bank cards and bank accounts. The company reports a customer base of 426 million users in India.
As an India-only payment solution, JioMoney only supports rupees. As a mobile wallet, it requires users to register their phone number and download an app to use it. JioMoney stores all confidential information on secure servers, using the latest technology to protect your data against hacking and theft.
How Does It Work?
Before you can use JioMoney, you need to register with the app. Download the app from the store, then open it on your phone. You will need to enter the phone number associated with your bank account. Fill in the required information and enter a unique password. JioMoney will verify your number with a one-time password and ask you for a four-digit mPIN. Enter the mPIN, and you can log into the app.
This opens a basic account, which does not require any documents for KYC verification. However, it does mean transactions to a specific limit. Players can upgrade their accounts, but they need to provide specific documents. Once your account is set up, you can add money to it through your bank account or card. You can then use these funds to deposit in online casinos.
How to Deposit with JioMoney?
Log into your online casino account and go to the banking or cashier page. Select JioMoney from the list of available payment methods. Enter the amount you wish to deposit and confirm. You will then have to open the JioMoney app to approve the transaction within the wallet. That requires entering your password and mPIN to log in. As long as you keep that information safe, no one can use the funds in your JioMoney account without your approval.
How to Withdraw with JioMoney?
Open the cashier or banking page and go to the withdraw page. Once again, you have to select JioMoney from the list and the amount of money you want to cash out. You will also need to enter the phone number associated with your JioMoney account. The funds should appear in your account once the casino approves the transaction.
Transfer Times, Fees, and Security
JioMoney has a password and an mPIN number you need to enter to access the app. That means unauthorized access to your account is difficult. The company also follows strict security rules with player data. They employ the best possible protections on their servers to prevent hacking or cyber theft.
As with all e-wallets and mobile wallets, transactions are blazing fast! Deposits appear instantly in your casino account when you deposit with JioMoney. Withdrawals can take some time, depending on how quickly your casino processes cash-out requests. You receive an SMS message when a transaction completes.
One downside to using JioMoney is the steep transaction fees. JioMoney transfers have a 4% fee plus applicable taxes set by the government. You need to make sure you have enough money to cover both the transaction and the costs when using the app.