Bharat Sanchar Nigam Limited (BSNL) Introduced Mobile Wallet Services for Customer

India: Bharat Sanchar Nigam Limited, an Indian state-owned telecommunications company, recently unveiled prepaid mobile wallet service in partnership with State Bank of India.

Mobile wallet named “SBI MobiCash” will enable customers to carry out banking transactions through their mobile phones. The best and unique feature proposed about the app is that it can be accessed through all type of handset including featured phones.

The chief general manager of BSNL, Kerala circle, R Mani stated "The app will help the people to go cashless. Following demonetisation, customers faced much difficulty. The app will help towards accomplishing the Digital India scheme”.

Customer can deposit cash at any retail outlet of BSNL and withdraw cash from any of these outlets. The wallet service can be availed through smartphone application (for android and iOS users) or through USSD short code, SMS or call.   

TechSci Research depicts that with the bold steps taken by government owing to demonetisation, cashless transaction is becoming need of an hour and introduction of wallet service by BSNL will pave way for cashless transactions.

According to the recent report published by TechSci Research, “India Mobile Wallet Market Forecast and Opportunities, 2020”, the mobile wallet market in India is forecast to reach US$ 6.6 billion by 2020. Growing awareness regarding the benefits of mobile wallets, rising smartphone and mobile internet penetration rates, and increasing security measures are expected to drive growth in India mobile wallet market. In 2014, Tier-I cities such as Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., registered the highest number of mobile wallet users in the country, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore, Patna, etc. are emerging cities in terms of mobile wallet usage. Banking accounted for the largest end user sector in the country’s mobile wallet market in 2014, followed by retail, telecom and transportation sectors. Few of the leading companies operating in India mobile wallet market include One97 Communication Pvt. Ltd., MobiKwik and ItzCash.