State-run firm Bharat Sanchar Nigam Limited (BSNL) and Punjab National Bank (PNB) both teamed up to roll out open mobile wallet Speedpay in ten states of India.
Functioning of PNB Speedway wallet will be similar to other mobile wallets except one additional functionality of depositing and withdrawing money from authorised retail outlets. Rest of the functions will be same like paying bills and recharging phone.
The ten states where BSNL will expand Speedpay services as per the agreement are Punjab, Chandigarh(UT), Haryana, Jammu and Kashmir, Himachal Pradesh, Uttar Pradesh, Bihar, West Bengal, Jharkhand and Uttarakhand.
The reach of the Speedway will slowly be increased to northern and eastern states. Apart from providing above functionalities, SpeedPay will also act as an ideal medium for government’s direct benefit transfer programme, to ensure quick and direct payment of subsidies to the citizens.
With this new tie up, retailers and agents who are connected with BSNL and PNB can be brought into the loop for providing Speedpay services.
Right now both BSNL and PNB jointly have around 20 lakh retailers and agents across the country. 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 digitalisation drive of the government for promoting a cashless economy.