Last week, BSNL launched its mobile wallet SpeedPay. It comes with a cash withdrawal option so you can use it to send money to other people who can then use SpeedPay to withdraw cash from a bank even without an account.The service was launched on Friday by Telecom Minister Ravi Shankar Prasad, and at the launch, BSNL Chairman and Managing Director Anupam Shrivastava said that the service will allow people without bank accounts to transact online."Loading money into wallet from a bank account is an option," said Shrivastava, speaking to PTI. "BSNL customers, who don't have bank accounts, can also load money by visiting any BSNL retail outlet and ask the retailer to recharge their mobile wallet account and pay for various services."The concept is very similar to existing services such as Vodafone m-Pesa or Airtel Money, or even fully third-party systems like Paytm and Mobikwik, but the government backing that SpeedPay has might help it to bring users on board.The core idea behind SpeedPay is the same as it is for other virtual wallets, or 'Pre-Paid Instruments'.(Also see: Banking the Unbanked - How Mobile Wallets Can Bring Financial Inclusion)You will get a SpeedPay account that's linked to your phone number, and this can be used in a number of different ways. For one thing, you could transfer the money to another user's bank account - even if they don't use SpeedPay. By doing this, you'll be able to remit money from one part of the country to the other using nothing more than your phone.If the other user doesn't have a bank account, then the money can be transferred to his or her SpeedPay account instead. This money can then be withdrawn through a bank or from a BSNL outlet. You can also use the money stored in your SpeedPay wallet to recharge your phone, and pay other utilities like the electricity bill.
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