BSNL Introduces New Mobile Wallet ‘MobiCash’

The New wallet (MobiCash) by BSNL works in cooperation with State Bank of India

India: Bharat Sanchar Nigam Limited (BSNL), Indian networks service provider, has introduced a new prepaid mobile wallet "MobiCash" in association with the State bank of India. Users can operate this wallet on non-BSNL network as well, allowing them to make bill payments and transactions, digitally.

The Application is available on iOS and Android platform, while the basic phone users (non-smartphone) can avail this service through SMS or USSD code. MobiCash facilitates wallet to wallet, wallet to SBI, wallet to another account, etc. transactions using mobile number as a unique id. There is no service charge applicable on the usage of this app.

Techsci depicts that with the upsurge in the demand for smartphones and other smart payment options, multiple players would enter the mobile wallet industry to gain a healthy market share. Thus, infusing the mobile wallet market within India in coming years.

According to TechSci research report on “India Mobile Wallet Market Forecast & 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.