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​Now withdraw cash of upto Rs 1 lakh using BSNL’s mobile wallet service

By Tech Radar India Bureau | Jul 6, 2015, 04.02 PM IST
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State-owned telecom company BSNL has launched a mobile wallet service, Speed Pay, that is linked to pre-paid card. Using this wallet service, a subscriber can transfer money, pay for services as well as withdraw cash of up to Rs 1 lakh.

While inaugurating this wallet service, Telecom Minister Ravi Shankar Prasad said, "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," Prasad added.

Interestingly, Speed Pay enables a user to load money even if he does not have a bank account. The money loaded in the mobile wallet can be transferred to a bank account and even withdrawn at BSNL outlets and bank branches.

According to Anupam Shrivastav, BSNL chairman and MD,"Loading money into wallet from a bank account is an option. BSNL customers, who don't have bank accounts, can also load money by visiting any BSNL retail outlet and ask the retailer to recharge their mobile wallet account and pay for various services."

This service, which will be available in Karnataka, Kerala and Tamil Nadu by the end of September, has been launched in partnershipwith IT company Pyro.

Pyro has tied up with money transfer technology firm Visa, which enables Speed Pay card holder to purchase goods both offline and online.
(Image: Thinkstock)

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