Telecom major Bharat Sanchar Nigam Limited (BSNL) today tied up with Punjab National Bank to rollout the ‘SpeedPay’ prepaid open mobile wallet service in 10 states including Punjab, Haryana and Jammu and Kashmir.
Earlier SpeedPay was introduced in Andhra Pradesh., Telengana & Odisha in 2015.
BSNL will expand SpeedPay services in Chandigarh, HP, UP, Bihar, West Bengal, Jharkhand and Uttrakhand.
“SpeedPay” is an Open Loop Prepaid wallet which allows users to withdraw money from authorized retail points. It 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.
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.
“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” . Anupam Shrivastava - CMD BSNL said.
R S Sangapure, ED-PNB, stated that, the digital banking vision is to position PNB as the Customer preferred Bank for Digital Solutions. The BSNL-PNB partnership has been a step in this direction. The launch of SpeedPay business wallet will add to the digital footprints and supplement the digitalization drive of the Government for promoting a cashless economy