BSNL, SBI join together to launch online wallet service SpeedPay

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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10 Comments on "BSNL, SBI join together to launch online wallet service SpeedPay"


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May 24, 2016 10:02 pm 10:02 PM

1) sbi offers lousy services, same as bsnl.
2) bsnl (like other operators) deducts money in lieu of indiagames or some bloody nonsense. and there is no way to get it back. what’s the guarantee this will not happen with this ‘wallet’?
3) most wallets have withdrawal restrictions. what am i gonna do with a ‘subsidy’ or relief amount stuck in the wallet?

Genius of INDIA
May 25, 2016 12:43 pm 12:43 PM
1). Which operator was first to make free incoming. 2). Free I/C roaming is given by which mobile operator of India ..? 3). Which Bank has largest no. of ATMs. ? 4). Which operator launched 1 p/sec. plan. ANSWER:-1). BSNL 2). BSNL 3). SBI 4). BSNL So guys BSNL is must to survive for the interest of people of INDIA, specially for lower and middle class. As they will be hurt most if the incoming again become chargeable OR without BSNL private companies will be free to hike their rates. As of now due to BSNL they can not hike… Read more »
May 24, 2016 10:19 pm 10:19 PM

Some wallets allow free transfer to bank accounts, for example Jio Money and ICICI Pockets. Maybe this Speed pay will also allow free transfer.

May 25, 2016 9:03 am 9:03 AM

Does jio money allow free transfer to any bank account

May 25, 2016 10:53 am 10:53 AM

Yes, zero transfer charges as of now. Amount is credited almost instantaneously. ICICI Pockets takes time like NEFT.

May 24, 2016 6:44 pm 6:44 PM

Who the hell will deal with sbi and bsnl if there r issues like ‘money debited from bank but not reflecting in wallet’ ! Id stick to paytm

May 24, 2016 11:11 pm 11:11 PM

+1 Hahaha…. yes actually 😉

May 24, 2016 10:17 pm 10:17 PM

SBI payments actually are quite good and nerbanking too. Not sure why you had problems. BSNL portal also never gave me a problem till now. Sometimes it all depends on the quality of net connection. Transactions fail a lot on crappy 2G type connections. But your money will never disappear somewhere even if it was debited from account. Either the transaction will be a success or failure, nothing in between. Just confirmation takes a while sometimes.

May 25, 2016 1:05 pm 1:05 PM

absolutely right sunny g,…. the pepole were forget their past bsnl was the only mobile company that remove charges on incoming call when they start mobile operation and now they are first to introduce pan india roaming free

Genius of INDIA
May 25, 2016 12:45 pm 12:45 PM

Right Sunny ji.