“MyJio, one of India’s largest over-the-top (OTT) mobile applications will now bring in financial services capabilities of SBI and Jio Payments Bank,” the telecom operator said.
In return, SBI will make Jio a ‘preferred solutions partner’ for designing and providing network and connectivity solutions.
Both groups will extend their respective loyalty programs to each others’ customers.
SBI’s loyalty program, called Rewardz, will be extended to the Reliance platform, including Jio and other “offline ecosystems”. The group operates Reliance Fresh, a grocery chain, and other retail ventures.
“Customers of SBI will be offered additional loyalty reward earning opportunities as well as broader redemption within Reliance,” it said.
Similarly, SBI will open its customers to offers from Jio Prime, the loyalty program from the telco.
As an example, Jiophones will be available on special offers for SBI customers.
“SBI customers will benefit from Jio Prime, a consumer engagement and commerce platform from Reliance. Jio Prime will offer exclusive deals from Reliance Retail, Jio, partner brands and merchants,” it said.
“Customer needs are changing dramatically to expand beyond just Banking and Payments. Through the strengths of the JV partners who bring together very large digital and physical infrastructures combined with data access and banking expertise, the offerings will be very unique.”
“We are aiming to fulfil Everyday Payments, Everyday Banking, Shopping and Lifestyle journeys and beyond. All of that gets delivered where the customer wants it. Conveniently, through the mobile and at BC outlets covering the last mile across India.”
This is the second step of integration and tie-ups between the two groups.
Earlier, SBI had agreed to take a 30% stake in Jio Money, the payments bank platform from Reliance.
“All the areas of co-operation are mutually beneficial enhancing the digital foot-print for SBI customers with superior and rewarding customer experiences,” said Rajnish Kumar, Chairman of SBI.