BSNL wallet in partnership with MobiKwik, gets launched
What's the story
State-run BSNL, Bharat Sanchar Nigam Limited, has now launched its own digital wallet.
Named BSNL wallet, it will cater to over 100 million customers to make cashless transactions. It was inaugurated by telecom minister Manoj Sinha.
BSNL wallet would host more than 1.5 million merchants on its network, making it the largest digital wallet by an Indian telecom company.
Here's more.
Modi
A step towards Modi's vision
The Telecom Minister said that this initiative was a significant step in achieving Modi's dream of Digital India. The BSNL wallet extends the ease of payment to all its customers, "while equally strengthening financial inclusion in the rural hinterlands, which often get neglected."
It has all the functionalities of prevailing digital wallets. Moreover, it also allows payment of IRCTC train tickets via its app.
Villages
Spreading digital wallets in rural India
The state-run firm had partnered up with MobiKwik to develop this digital wallet. According to the statement made by BSNL, it's in line with its goal of making digital payments more widespread in semi-urban and rural areas.
Founder and CEO of MobiKwik Bipin Preet Singh said this partnership with BSNL will "empower masses in India with access to dependable Internet connectivity and digital payments."
Smart choice
The stakes are getting higher everyday
Although only 5% of India has gone fully gone cashless, but in terms of business, it means a Rs. 6,000cr profit which is only going to get larger over time.
BHIM has already completed 19 million downloads in its short tenure and Aadhaar Pay, which has 27 banks and 715,000 merchants backing it up, makes it a sensible choice to opt for.
Details
Why use a digital wallet?
It is easy to carry around compared to the hassle of keeping cash on a traditional wallet.
It provides multiple recharge and payment options which would otherwise require time and physical effort.
Thanks to the demonetization move it is being widely used for transactions and there are a lot of cash back offers doing rounds.