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State - run telecom operator Bharat Sanchar Nigam Limited (BSNL) has tied up with Punjab National Bank ( PNB) to roll out open mobile wallet Speedpay across 10 states in the country.
"SpeedPay" is an Open Loop Prepaid wallet which allows users to withdraw money from authorized retail points.
It also enables users to make domestic money transfer, cash deposits/ withdrawals at authorized SpeedPay agents, prepaid mobile & DTH recharge, purchase of bus tickets, pay Insurance Premiums, post-paid bill payments, Credit Card bill payments, Electricity Bill payments etc. and more.
India is now second largest market in the world with 120 crore mobile users. Congratulating BSNL, Punjab National Bank and the technology partners in helping India moving towards less cash economy," Telecom minister Manoj Sinha said at an event to mark the agreement signing ceremony between BSNL and PNB.
This partnership will give allow, BSNL to expand Speedpay services in Punjab, Chandigarh(UT), Haryana, Jammu and Kashmir, Himachal Pradesh, Uttar Pradesh, Bihar, West Bengal, Jharkhand, and Uttarakhand.
Anupam Shrivastava - CMD BSNL Stated that BSNL has increased the reach of SpeedPay service to Northern & Eastern States through this launch. SpeedPay is also an ideal medium for Government's Direct Benefit Transfer program, to ensure quick and direct payment of subsidies to the citizens.
SpeedPay can be used by customers of any mobile network operator and is not limited to BSNL alone. SpeedPay can be used through a mobile App - currently available for Android & iOS phone users and web portal.
PNB Executive Director R S Sangapure said that the BSNL- PNB partnership for SpeedPay business wallet will add to the digital footprints and supplement the digitalization drive of the government for promoting a cashless economy.