Nevertheless, Jio s payments bank, which debuted as the telco s answer to Airtel Payments Bank and Paytm Payments Bank, has itself not yet made significant progress in the country s payments market. It was incorporated as a joint venture between Reliance Industries and public sector bank State Bank of India (SBI) in November 2016 and started its operations in April 2018.
According to the data available on the National Payments Corporation of India (NPCI) website, Jio Payments Bank has only take a small share of Unified Payments Interface (UPI) transactions. The payments bank processed over 4.2 lakh transactions that accounted for a total of Rs. 20.35 crores in November, as per the publicly available data.
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Partnership with Jio to help support millions of small businesses, says Zuckerberg IANS
New Delhi: Facebook CEO Mark Zuckerberg Tuesday said its partnership with Jio Platforms will help support millions of small businesses in India.
Zuckerberg made the remark during a conversation with Mukesh Ambani, Chairman and Managing Director, Reliance Industries at the first Facebook Fuel for India 2020 event.
“At Facebook, we are in the business of serving small businesses. And nowhere is this more true than in India,” the Facebook CEO said.
“With more than 60 million small businesses and millions of people around the country relying on them for jobs these small businesses form a big part of what our partnership with Jio can serve here,” he said.
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New Delhi: Photo-sharing platform Instagram Wednesday said it is testing ‘Instagram Lite’ app in India that occupies less space on Android phones and consumes lesser data, before it rolls out the offering globally.
Over the past many months, the Facebook-owned company has tested and rolled out a number of features in India first, including its short video offering – Reels.
“India is an important market for us and has been a testing ground for innovation… India was one of the first few countries where we tested Reels, and the first country where we launched the Reels tab…In order to expand the appeal of Instagram to users across the country, today we’re announcing the test of Instagram Lite in India,” Vishal Shah, VP of Product, Instagram at Facebook, said at the Facebook Fuel for India 2020 event.