BSNL launches 'mobile wallet'

Date: July 05, 2015

near-field communication Pyro Speed Pay

BSNL Launches Mobile Wallet With Cash Withdrawal Option

State-run operator BSNL on friday launched a pre-paid card linked mobile wallet service which would allow its customers to transfer money, pay for services as well as withdraw cash of up to Rs. 1 lakh.
The wallet service, Speed Pay, allows a customer 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The money loaded in the mobile wallet can be transferred to a bank account and even withdrawn at bank branches or at BSNL outlets.The service has been launched in partnership with IT company Pyro.

What is Mobile Wallet Technology?

prepare iasMobile wallets use near-field communication (NFC) chips inside mobile smart phones and tablets to transmit payment information. When a customer is ready to pay using a mobile wallet, they open an app on their smart phone or other device. The customer then enters a PIN and selects the payment account they wish to use, along with any special offers or customer reward programs they want to apply. At the time of payment, they simply tap their device to an enabled payment terminal, and the payment information is transmitted.