Make money transactions easy with BSNL SpeedPay Mobile Wallet

Now you can transfer money in a hassle free manner. Thanks to BSNL for launching its mobile wallet SpeedPay recently. This facility allows you to withdraw your cash or transfer it so some other account without even owning an account. Managing director Anupam Shrivastava along with Telecom Minister Ravi Shankar Prasad was present at the launch and was of the opinion that it will help easy transaction of money for people who don’t have an account.

How does SpeedPay Mobile Wallet operate?

It basically starts with loading some amount into your SpeedPay wallet. This can be done by transferring the amount from your bank account or visiting any BSNL retail outlet nearby. Thus you can avail various services. You can say that this facility is similar to cash transfer facilities like Airtel money and Vodafone m-pesa. They are following the likes of few services like Paytm and others.

SpeedPay Mobile Wallets acts as virtual wallets or pre-paid instruments. When you try to avail this service, they will link your account to your mobile number. This will help you in all further transactions. Moreover, you can transfer amount to other people account even if they don’t have SpeedPay account. Thus, transferring money from one part of the country to other is no more a huge task. You won’t require anything other than your cell for financial transactions. Again, transferring money from one BSNL speedpay account to another is even easier. Redeem the cash by visiting any nearby BSNL outlet. Similarly, the money in your Speedpay wallet can be used to pay online bill and also recharge you mobiles.

How does Speedpay allow the customers to remit cash from bank accounts?

SpeedPay Mobile Wallet is an easy way to store and use cash whenever required. This it does by having tie-ups with many of the banks, Andhra Bank being the first of them. It is planning to include more and more banks for tie-ups so that it can help as many customers as possible. Recently, they had a talk with Punjab National Bank and Bank of India regarding their request to expand networks and thus customers. Till date, more than 1000 BSNL outlets are present in the state of Andhra Pradesh which can increase manifold in coming years.

Like every other service, this too charges for certain transactions and payments. For any bank transaction, the customer will be charge 1% of the total cost. You can spend only Rs 5000 per day while this limit increases to 1 lakh one all the verification process has been done. Also, you have a certain numbers of transactions allowed in a week or a month. In this way, they are not completely eliminating the use of bank for customers.

Companies like Mobikwik and Paytm are spreading wide to accommodate more and more customers. Similarly, Speedpay is trying to catch up these efforts and it trying to reach beyond metros so that it can make transaction processes easy for common people.

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