- Mukesh Ambani applauded PM Modi on demonetisation
- Mr Ambani launched Jio Money application for merchants
- Jio Money Merchant solution to facilitate cashless transactions
"I join all Indians in congratulating our honourable PM...With one single step, he has brought all the unproductive money into productive use," Mr Ambai said, launching the Jio app which he said merchants can download from Monday, December 5.
Jio Money, he said, would be "a committed and enthusiastic partner for the smooth implementation of our Prime Minister's game changing vision of creating a digitally enabled and strong Indian economy."
"Jio Money Merchant Solutions will enable transactions of all types - whether they be at mandis, small shops, restaurants, railway ticket counters... and even for person to person money transfers," Mr Ambani said, explaining that customers can use their Jio Money wallets to pay merchants from their bank accounts and merchants can use the Jio Money Merchant application to accept these payments directly into their bank accounts.
"Merchants can also make supplier payments, transfer money between bank accounts and use digital petty cash," he said. Mr Ambani said Jio is focused on signing up over 10 million small merchant retailers in the coming weeks across the 17,000 towns and four lakh villages that it operates in.
Another leading businessman Ratan Tata had last week praised PM Modi's decision to ban 500 and 1000 rupee notes as "a bold act that will wipe out black money and corruption."
The decision Mr Tata had said, deserves our support."
Attacked by opposition parties and other critics who allege that the government did not properly plan the implementation of the demonetisation leading to much hardship to people amid a massive cash crunch, PM Modi has steadfastly pitched for the need to transition to a cashless economy.
The government has promised that the problems caused to people will ease soon and says it has their support for the notes ban, aimed at curbing black money, check circulation of fake currency and terror funding.