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SBI, BSNL launch new digital wallet

By Staff Reporter
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GUWAHATI, Feb 17 - The State Bank of India, NE Circle, and BSNL, Assam, today jointly launched a new digital wallet, �MobiCash,� a prepaid payment instrument that aims to cover the unbanked and untapped payment market.

The innovative wallet is designed to be user-friendly and applicable to both smart and basic feature phones.

The wallet can be loaded through cash at BSNL customer service points.

The wallet will offer basic banking services of cash withdrawal and transfer to account (SBI and other banks) without the need of having an account.

SBI officials said it is one of the few USSD/SMS-based wallets which provide basic banking services like deposit or withdrawal of money, fund transfers, bill payment, prepaid mobile recharge, etc., on normal feature phones. It will not need Internet for usage.

SBI Chief General Manager (NE Circle) PVSLN Murty said the wallet is a big step to reach the rural areas. �Unlike other wallets, there is no commercial element in the initiative. It will help a lot in achieving the objective of less cash economy because even those without a bank account can use it,� he said.

While smartphone users can use the wallet by downloading the app, those with normal phones can use it by sending an sms to a particular number. A 6 MB memory space will be required to install the app.

At the launch of the wallet, BSNL Assam Chief General Manager MK Seth said the present limit of the wallet is Rs 10,000, which will be raised to Rs 6 lakh later.

�The initiative will transform the BSNL customer service points to mini banks. We will also use the 3,000 CSPs of the SBI. The service will be extended to all payments, including electricity bills, water bills, insurance premium, recharge mobile of other operators and booking of film tickets and cabs as well. It will also facilitate the direct benefit transfer under the MGNREGA, pension and scholarship schemes,� Seth said.

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SBI, BSNL launch new digital wallet

GUWAHATI, Feb 17 - The State Bank of India, NE Circle, and BSNL, Assam, today jointly launched a new digital wallet, �MobiCash,� a prepaid payment instrument that aims to cover the unbanked and untapped payment market.

The innovative wallet is designed to be user-friendly and applicable to both smart and basic feature phones.

The wallet can be loaded through cash at BSNL customer service points.

The wallet will offer basic banking services of cash withdrawal and transfer to account (SBI and other banks) without the need of having an account.

SBI officials said it is one of the few USSD/SMS-based wallets which provide basic banking services like deposit or withdrawal of money, fund transfers, bill payment, prepaid mobile recharge, etc., on normal feature phones. It will not need Internet for usage.

SBI Chief General Manager (NE Circle) PVSLN Murty said the wallet is a big step to reach the rural areas. �Unlike other wallets, there is no commercial element in the initiative. It will help a lot in achieving the objective of less cash economy because even those without a bank account can use it,� he said.

While smartphone users can use the wallet by downloading the app, those with normal phones can use it by sending an sms to a particular number. A 6 MB memory space will be required to install the app.

At the launch of the wallet, BSNL Assam Chief General Manager MK Seth said the present limit of the wallet is Rs 10,000, which will be raised to Rs 6 lakh later.

�The initiative will transform the BSNL customer service points to mini banks. We will also use the 3,000 CSPs of the SBI. The service will be extended to all payments, including electricity bills, water bills, insurance premium, recharge mobile of other operators and booking of film tickets and cabs as well. It will also facilitate the direct benefit transfer under the MGNREGA, pension and scholarship schemes,� Seth said.