Bharat Sanchar Nigam Limited (BSNL) has tied up with Punjab National Bank (PNB) to rollout SpeedPay service in Northern and Eastern circles.
Manoj Sinha, MoS Communications (I/C) & MoS for Railways has launched SpeedPay service in the states of Punjab, Chandigarh, Haryana, Jammu & Kashmir, Himachal Pradesh, Uttar Pradesh, Bihar, West Bengal, Jharkhand and Uttarakhand. Earlier SpeedPay was launched in the states of Andhra Pradesh, Telengana and Odisha on 3rd July 2015.
SpeedPay is an open loop prepaid wallet which allows users to withdraw money from authorized retail points. SpeedPay enables users to make domestic money transfer, cash deposits/withdrawals at authorized SpeedPay agents, prepaid mobile & DTH recharge, purchase of bus tickets, pay insurance premiums, post-paid bill payments, credit card bill payment and electricity bill payments.
SpeedPay can be used by customers of any mobile network operator and is not limited to BSNL alone. SpeedPay can be used through a mobile app currently available for Android and iOS phone users and web portal.
Anupam Shrivastava, CMD, BSNL said, “BSNL has increased the reach of SpeedPay service to Northern & Eastern states through this launch. SpeedPay is also an ideal medium for government’s Direct Benefit Transfer (DBT) program, to ensure quick and direct payment of subsidies to the citizens.
Dr. R. S. Sangapure, ED, PNB said, “The digital banking vision is to position PNB as the customer preferred bank for digital solutions. The BSNL-PNB partnership has been a step in this direction. The launch of SpeedPay business wallet will add to the digital footprints and supplement the digitalization drive of the government for promoting a cashless economy.”