Punjab National Bank (PNB) and state-run firm Bharat Sanchar Nigam Limited (BSNL) teamed up to roll out open mobile wallet Speedpay across 10 states in the country.
PNB's Speedway wallet will operate like any other mobile wallet for paying bills, recharging phone besides its users will be able to deposit and withdraw money from authorized retail outlets. Also, Speedway users will be able to operate Internet banking services from the application. "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.
Roll out across 10 states
Under the agreement, BSNL will expand Speedpay services in Punjab, Chandigarh(UT), Haryana, Jammu and Kashmir, Himachal Pradesh, Uttar Pradesh, Bihar, West Bengal, Jharkhand, and Uttarakhand. "The reach of SpeedPay service under this partnership will increase to northern and eastern states. SpeedPay is also an ideal medium for government's direct benefit transfer programme, to ensure quick and direct payment of subsidies to the citizens," BSNL Chairman and Managing Director Anupam Shrivastava said. PhonePe: How To Use It For Payment Transfer?
Retailers and agents associated with the telecom firm and PNB will be brought into the loop for providing Speedpay services. "Both the company jointly have around 20 lakh retailers and agents across the country. We will be able to provide services in tier 2 and 3 cities where wallets of private companies have not been able to expand their reach," a senior BSNL officer said.
Drive to cashless economy
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. How To Buy Gold Through Paytm? Know All The Details