829 12-Sep-2017, Tue
Punjab National Bank and BSNL has joined hands to roll out open mobile wallet Speedpay across 10 states in the country announced on 8th Sept. 2017.
i.PNBs Speedway wallet will operate like any other mobile wallet for paying bills, recharging phone. Its users will be able to deposit and withdraw money from authorized retail outlets.
ii.Under the agreement, BSNL will expand Speedpay services in Punjab, Chandigarh (UT), Haryana, Jammu and Kashmir, Himachal Pradesh, Uttar Pradesh, Bihar, West Bengal, Jharkhand and Uttarakhand.
iii.Speedway users will be able to operate Internet banking services from the application.
iv.This technology will help India moving towards less cash economy and provide services in tier 2 and 3 cities.
v.SpeedPay also plays an important role for governments direct benefit transfer programme, to ensure quick and direct payment of subsidies to the citizens
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