India’s state-run telecom company Bharat Sanchar Nigam (BSNL) and Punjab National Bank (PNB) have joined forces to roll out a new open loop prepaid wallet called SpeedPay.

The newly launched mobile wallet will enable its users to pay bills; recharge mobile phones; deposit and withdraw money from authorised retail outlets and operate internet banking services from the application.

SpeedPay services will be operational in Punjab, Chandigarh (UT), Haryana, Jammu and Kashmir, Himachal Pradesh, Uttar Pradesh, Bihar, West Bengal, Jharkhand and Uttarakhand.

SpeedPay mobile wallet can be used via any mobile network operator and it is not restricted to only BSNL customers.

BSNL chairman and managing director Anupam Shrivastava said: “The reach of SpeedPay service under this partnership will increase to northern and eastern states. SpeedPay is also an ideal medium for governments direct benefit transfer programme, to ensure quick and direct payment of subsidies to the citizens.”