Pyro, BSNL, Andhra Bank and Wirecard announce the rollout of SpeedPay, an open loop mobile wallet, in the Indian states of Telangana and Andhra Pradesh.
SpeedPay enables users to make domestic money transfer, cash deposits and withdrawals at authorized SpeedPay agents, utility bill payments, prepaid mobile recharge, purchase of bus tickets, etc. The services recently added to this portfolio are payments of Insurance Premium, Credit Card bills, Electricity Bills and soon to follow are other transactions that users make on a regular basis.
SpeedPay was launched on 3rd July 2015 by the Union Minister of Communication and IT, Ravi Shankar Prasad in the presence of the BSNL CMD, Anupam Shrivastava during the Digital India Week. This was in continuation of the follow through to the Government’s vision of creating a new Digital India.
Speaking on the occasion, PV Muralidhar, Chief General Manager, BSNL Telangana & Andhra Pradesh Circle said "The widespread agent network of over 50,000 retailers across the states of Telangana and Andhra Pradesh will ensure that SpeedPay is available to citizens even in the remotest of villages. This would make domestic money transfer – faster, smarter and simpler." NK Mehta – Director (CM), BSNL said "SpeedPay is primarily an ‘open loop’ Visa prepaid card that can be used through a mobile App, USSD menu and web portal."
Andhra Bank MD & CEO, SK Kalra, said: "SpeedPay can be used by customers of any mobile network operator and is not limited to BSNL customers alone. The SpeedPay VISA Card enables users to load the virtual card with cash and carry out various transactions without having a bank account."
SpeedPay includes services such as payments of Insurance Premium, Credit Card bill payments, Electricity Bill payments, Mutual Fund payments, Landline Bill payments and soon to follow will be donations or subscriptions to magazines. This is a one stop solution that empowers merchants, retailers and customers to maintain SpeedPay Visa Prepaid mobile wallets and make Mobile recharge, utility payments such as electricity, water, gas etc., DTH/TV recharge, broadband recharge, movie tickets, mobile wallet top-ups, Bus Tickets etc.
Paritosh Reddy concludes, "Even small entrepreneurs and businessmen can become channel partners and set up a merchant account and enable payments for their customers who do not have a bank account or credit card. All they need to have is a BSNL mobile phone with internet access. These small entrepreneurs would enable people without bank accounts to pay most of their utility bills and make over-the-counter transactions."