jiomoney already exists and it has failed to take on Paytm. at least around here. though jiomoney has one major advantage. i have noticed that a lot of pos card machines have integrated support for jiomoney. so you can basically use jiomoney to pay at outlets which have these credit card machines. retailers as usual have no idea. i could not test it out personally because i do not have a jiomoney wallet.
they havent promoted jiomoney because jio payments bank will be their focus for mobile payments(integrating UPI & Bharat QR),Airtel provides 7.25% interest,chances are jio will also provide close to that value.Then it will be a game changer in Payment bank industry.also they have last mile reach,which is critical for payments bank penetration.