State-owned Bharat Sanchar Nigam Ltd (BSNL) has joined hands with the State Bank of India (SBI) to launch a countrywide online wallet called SpeedPay.
Both SBI and BSNL will now take permission from their respective miniseries to enable disbursement of the subsidies direct to the wallet under the Direct Benefit Transfer (DBT) scheme.
The Indian Express quoted a senior BSNL officer as saying that the tests are over and that BSNL will launch its first countrywide wallet service with SBI in about a fortnight or a month.
The rising popularity of online wallets like PayTM, MobiKwik, and Oxigen shows the financial services on mobile and internet have witnessed massive growth in the country.
According to a latest report of the Telecom Regulatory Authority of India (TRAI), BSNL services are used by 8.48 crore wireless and over 1.47 wireline subscribers in India.
Its online banking partner SBI is already known as country's largest bank with over 13,000 branches and presence in the remotest villages.
In 2015, BSNL launched a wallet service for Andhra Pradesh and Telangana states in collaboration with Andhra Bank.