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PNB, BSNL join hands for mobile wallet Speedpay roll out across 10 states

Speedway users will be able to operate Internet banking services from the application

Press Trust of India  |  Kolkata 

Punjab National Bank
Punjab National Bank

(PNB) and state-run firm (BSNL) on Friday teamed up to roll out open mobile wallet Speedpay across 10 states in the country.

PNB's 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 authorised retail outlets.

Also, 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, 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 and

Under the agreement, 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," Chairman and Managing Director Anupam Shrivastava said.

A senior officer said that retailers and agents associated with the telecom firm and 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 have not been able to expand their reach," the officer who did not wish to be named said.

Executive Director R S Sangapure said that the BSNL- partnership for SpeedPay business wallet will add to the digital footprints and supplement the digitalisation drive of the government for promoting a cashless economy.

First Published: Fri, September 08 2017. 22:03 IST