Days after PM Narendra Modi announced the demonetisation of the Rs 500 and Rs 1,000 currency notes, Reliance has brought out an offer of 10 percent cashback on JioMoney for consumers to shop on Reliance Smart stores and Reliance Fresh across the country. What makes the offer more notable is the fact that there is no cap on the cashback, that is you get a full 10 percent cashback on your purchase regardless of the amount. Using the cash loading points inside Reliance stores, people of Indian who still rely heavily on cash transactions, can avail this facility and then pay via JioMoney in order to earn a cashback of 10 percent on the total bill amount. The cashback will be credited to your account within two working days.
The company stores are also giving consumers the option of cash loading points to buy and pay for things of any amount with the larger value Rs 2000 currency note. Consumers will be able to use the amount in JioMoney at more than 50 thousand merchants and over 70 billers. The app money can be used by doing cashless payments for bill payments, e-retail transactions, insurance payments and other utilities. It will able have the ability to make offline payments for stores.
Now, if you do not want to use the rest of the amount of Jio Money after a while, you can transfer it to your bank account. After the demonetisation announcement on November 8, mobile wallets have reported over 10 times growth in merchants as a growing number of consumers are turning to digital payments. Companies like PayTm have reported unprecedented growth even as the government recently increased the monthly wallet limit for users of Rs 20,000, with an aim to boost cashless transactions.