BSNL, SBI join together to launch online wallet service SpeedPay

By May 24th, 2016 AT 2:27 PM

The next to join the online wallet array is Bharat Sanchar Nigam Ltd (BSNL). The service provider has collaborated with State Bank of India (SBI) for the purpose to launch the online wallet ‘SpeedPay’.


Moving a step ahead, BSNL and SBI plans to approach their respective nodal ministries to leverage the online wallet to disburse subsidies under the Direct Benefit Transfer (DBT) scheme. “We are in the process of discussions with SBI. All the tests are over, everything is complete. In about a fortnight or a month, BSNL will be launching a wallet service with SBI. And that wallet will be available countrywide,” said Anupam Shrivastava, chairman and managing director, BSNL to The Indian Express.

“Once we are through with launching the countrywide wallet with SBI, we will together go to the ministries and say that all the disbursement of subsidies could be through the wallet. I’ve been told other private wallet companies also have such a plan. But first and foremost, we need an all-India wallet, which is going to make a significant difference. SBI and BSNL are everywhere, nothing can beat that particular combination,” added Shrivastava.

The wallet is expected to make a countrywide launch in a month.

This is not the first time that BSNL gets into online payment service. In 2015, BSNL collaborated with Andhra Bank to launch the service. However, its services were limited to two states of Andhra Pradesh and Telangana.

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