Pyro, telco BSNL, Andhra Bank and Wirecard have launched an open loop mobile wallet service called, SpeedPay, in the Indian states of Telangana and Andhra Pradesh.

Built around a virtual VISA card with multiple services, SpeedPay will allow 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.

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It will also enable payments of insurance premium, credit card bills, electricity bills and soon to follow are other transactions such donations or subscriptions to magazines.

With this solution, merchants, retailers and customers can maintain SpeedPay Visa Prepaid mobile wallets and make mobile recharge, utility payments such as electricity, water, gas, DTH/TV recharge, broadband recharge, movie tickets and mobile wallet top-ups.

In July 2015, Union Minister of Communications and Information Technology Ravi Shankar Prasad launched SpeedPay service, a Mobile VISA Prepaid Card.

BSNL Telangana & Andhra Pradesh Circle chief general manager P.V. Muralidhar 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."

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BSNL director (CM) N K Mehta 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 S K 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."

Wirecard executive vice president sales telecommunication Christian von Hammel-Bonten said: "On basis of our virtual card platform we are able to provide SpeedPay with the foundation for its banking-lite financial service."

Pyro CEO Paritosh Reddy said: "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."