Public sector lender Punjab National Bank has partnered with telecom major Bharat Sanchar Nigam Limited (BSNL) for the launch of mobile wallet SpeedPay across 10 States in the country.
Like all other mobile wallets, PNB’s SpeedPay wallet will also enable paying off the bills, recharging phones and it will additionally help the consumers in depositing and withdrawal of money from selected authorized outlets.
Further, SpeedPay users will get the option of operating 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,” said Manoj Sinha, Minister of communication.
As per the agreement, BSNL will be spreading the services of SpeedPay across 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,” said Anupam Shrivastava, Chairman and Managing Director, BSNL.
According to a senior BSNL officer, the retailers and agents associated with the telecom brand and the bank 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,” said the senior officer.
“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,” said S Sangapure, Executive Director, PNB.