BSNL Launches SpeedPay, A Mobile Wallet Which Will Allow Users To Load Money Without Having A Bank Account
Did you know that there are more than double mobile phone users in India, compared to bank account holders; Compared to 930 million mobile phone users, there are only 400 million bank account holders in India. And out of this, 195 million are dormant accounts, and only 35% of them have a debit card.
In order to extend the benefits of cash-less transactions (which are actually part of the Digital India vision), BSNL has launched a new mobile wallet, SpeedPay, which has one very interesting USP: It can be loaded with money even if the user doesn’t have any bank account.
Having a BSNL connection is enough.
Ravi Shankar Prasad, Telecom Minister, inaugurated this mobile wallet in New Delhi, and shared, “I remember when after becoming minister, we were giving presentation of Department of Posts to the Prime Minister, the PM asked that can people of UP, Bihar, who work in Kerala and Tamil Nadu, transfer money to their poor mothers? .. I am happy that today we have taken significant initiative in that direction.”
How it will work:
- BSNL user can visit any BSNL outlet, and load money into the wallet by paying at the counter.
- Bank transfer is also possible
- Once the money is loaded, the user can transfer money to his family member’s bank account
- In case his family member doesn’t have any bank account, then the money can be transferred to his/her mobile wallet as well.
- The wallet can be used to pay bill, recharge mobile and more.
- Interestingly, this mobile wallet can also be used to withdraw from money from bank or any BSNL outlet
Service Charges & Limits
- 1% service charge will be levied, in case the money from SpeedPay is transferred to another bank or withdrawn.
- No charge for transferring money from wallet to wallet (excellent decision)
- Daily cash limit for withdrawal: Rs 5000
- If the customer is KYI (Know Your Customer) complaint, then daily limit of Rs 1 lakh exists for cash withdrawal
As of now, BSNL has tied up with Andhra Bank and Corporation Bank to roll out the services; around 1000 BSNL outlets in Andhra Pradesh have already started offering this service. Soon, this would be rolled out to 45,000 BSNL outlets in Andhra Pradesh, and then gradually pan-India. As per Govt. officials, by the end of September, SpeedPay would be available across Kerala, Karnataka and Tamil Nadu.
BSNL has developed this unique mobile wallet in partnership with IT firm called Pyro. They have also collaborated with Visa, so that SpeedPay can be used as a debit card for shopping online or offline; exact details of which are yet to arrive.
Thus, SpeedPay can be treated as a parallel banking ecosystem, driven by BSNL’s own massive network of outlets all over the country and their coverage.
Although PM Modi’s Jan Dhan Yojana exists to enable wider financial inclusion of rural population, but being mobile centric, and going by it’s robust features, SpeedPay can be a game changer.
BSNL must pay higher interest than the Bank accounts for the daily balance in Wallet. Otherwise why people keep money here?