State run telecom operator BSNL has partnered with Pyro, a telecom, financial and analytics company, along with Andhra Bank and Visa to announce SpeedPay, a semi closed open prepaid instrument, reports ET. This can be used to buy goods and services at any POS machines, which accept cards as a method of payment. It will also let users withdraw cash from ATMs or customer service points. The service is also available as an app on Android and iOS. SpeedPay is Pyro’s RBI approved mobile wallet Pyro had actually received an RBI license for its semi closed prepaid payment instrument in July last year. Pyro had then branded the service as SpeedPay which let users load money onto their mobile phones to make payments with it. Note that cash withdrawal was not permitted for this service. Once the wallet was loaded with money, people without bank accounts could pay bills and make over the counter (OTC) transactions through their phones. Last month, we'd reported that BSNL was planning to launch its own mobile wallet in the next two months, with State Bank of India as its banking partner. The wallet would allow customers to withdraw money through SBI’s ATMs. SBI has the largest ATM network in the country with 54,560 ATMs the end of March 2015 (pdf). BSNL could take some comfort in this as it would also help the offline withdrawal of cash feature. Perhaps it should also consider offline methods of loading cash into its wallet as in the case of Mobikwik and ICICI Bank. Withdrawals,…
