Sep 9: Public sector lender Punjab National Bank and state-run telecom major BSNL have joined hands to offer a new open mobile wallet, christened Speedpay. The new mobile wallet will be made available across 10 states in the country, said a report.
It has been made known that the Speedway wallet from PNB will function similar to other mobile wallets with regard to bill payments, phone recharging and the like.
Further, users can also deposit and withdraw money from authorised retail outlets using Speedway. It also offers the facility of helping users to operate Net banking services.
As per the deal, BSNL will expand Speedpay services in Punjab, Chandigarh, Haryana, Jammu and Kashmir, Himachal Pradesh, Uttar Pradesh, Bihar, West Bengal, Jharkhand and Uttarakhand. The reach of SpeedPay service under the partnership will stretch out to northern and eastern states too, the report added.
According to reports quoting BSNL sources, retailers and agents associated with BSNL and PNB will be brought into the loop for providing Speedpay services. PNB and BSNL together boast around 20 lakh retailers across the country, and the Speedpay services would brought in to tier 2 and 3 cities where wallets of private companies have not been able to expand their reach.