Jio Financial's payments arm turns around: TPV up 2.5x, deposits jump 72% in Q1 FY27
Reliance Group's fintech posted a payments turnaround with merchant TPV at ₹19,208 crore (2.5x YoY) and gross fee income up 6.4x to ₹176 crore. Payments Bank deposits rose 72% to ₹617 crore with 3.9M CASA accounts and a 527,037-touchpoint BC network. Group PAT hit ₹830 crore, up 156%.
What happened
Jio Financial Services · Jio Financial's payments arms turned around in Q1 FY27, with merchant TPV up 2.5x and payments bank deposits rising 72%. The Reliance
Key facts
- TPV ₹19,208 crore, 2.5x YoY
- gross fee income ₹176 crore, 6.4x
- deposits up 72% to ₹617 crore
- CASA 3.9 million accounts, +51%
- BC network 527,037 touchpoints
- PAT ₹830 crore, +156%
- total income ₹1,496 crore, +141%
Why this matters
With 3.9M CASA accounts, a half-million-strong BC network, and rapid deposit growth, the Payments Bank is building a distribution moat that could anchor future lending and cross-sell partnerships.
What to watch
- Realized take-rate on gross fee income vs TPV (margin quality)
- Sequential (QoQ) TPV and deposit trends to confirm non-seasonal durability
- Lending JV book size and asset quality disclosures
- RBI regulatory moves on Payments Bank deposit limits or MDR
- Merchant churn / active-merchant counts beyond headline onboarding
- Watch JFS to push merchant lending and working-capital products through the acquiring base
- Expect continued BC network expansion and Jio device/soundbox distribution to lock merchant stickiness
- Incumbents (Paytm, PhonePe, BharatPe) likely respond with retention offers in Reliance-dense geographies
- JFS may seek deeper banking license or partner-bank arrangement to bypass Payments Bank deposit cap