When your are out of reach of your wallet and has to pay your electricity bill, rather than disturbing your Monthly budget, you can use prepaid virtual money card. Yeah Virtual PrePaid money card. BSNL in association with Andhra Bank is providing Mwallet (Mobile Wallet) services.
This is BSNL Mobile Prepaid VISA Card. Being linked with VISA, security is taken care on par with international standards. At any point of time using a separate card for daily payments is suggested rather than using your saving account net banking or even a credit card. This BSNL Prepaid card will suffice all these type of requirements.
When consider the scope of prepaid card of BSNL, This is going to be a revolutionary concept from BSNL as part of Digital India Programme, because, today the reach of smart phones is larger than any other sectors. You can expect a mobile in the hands of a common man rather than a savings account on his name. That’s the reason, even e-commerce web sites like FLIPKART, themselves are going to discontinue their website and only wants to operate Mobile APPs. BSNL is going to offer financial services to its customers.
There is no minimum balance for this card and you can do even Rs.1 worth transaction. There is only cap of Rs. 1,00,000/- as per RBI guidelines. For customers who are having Andhra Bank savings account, they can link their Andhra bank with BSNL Prepaid Card, for Topping Up and even if you want to transfer the amount back to account also you can do that. This gives a very good option for the customers.
There will be 1% service charges for transfer of money to other bank and cash withdrawn, where no charges will be collected for transfer from wallet to wallet. If you consider of establishing a bank for remote areas, the infrastructure, people, complete banking setting you have to do , which may become bulky when compared to revenue on those centers.
BSNL partner PYRO who are channel partners for about 10 years are working to offer these services under SPEED-PAY Open Prepaid instrument. You can do all types of Merchant transactions and even you can withdraw amount from ATM’s.
For All these you need a Mobile Phone with net connectivity with which you can carry your own account where ever you go, but virtually. There is a very good laid and details FAQ’S are there from SpeedPay. One this is that if you lost your mobile means immediately you have to contact service centre for blocking the SpeedPay Services. Keep your mobile safe and any how financial Apps should be pass locked.
At present BSNL Offers these Speed Pay Services through 1000 outlets in AP Circle. In near future this will be extended to All India BSNL Retailers, and this new Service BSNL Speed Pay Mobile Wallet will offers best financial services, who are in remote areas too and who don’t have any type of Bank Account also.