Bharat Sanchar Nigam Limited(BSNL) Unveiled Mobicash Mobile Wallet
Telecom
BSNL collaborated with State Bank of India to launch Mobile wallet across
country
India: State-owned telecommunication company
Bharat Sanchar Nigam Limited unveiled Mobicash Mobile wallet in collaboration
with State Bank of India. BSNL confirmed that mobile wallet service will be
first available in four major states i.e. Punjab, Rajasthan, Haryana, Bihar and
will be expanded to pan-India by the end of this year.
The service aimed to benefit Mobile
wallet services for masses and works with smartphones and normal feature phone.
Additional advantage offered by Mobicash is that users can deposit cash with
BSNL retail outlet and can also withdrew money from their account without visiting
banks.
The launch of new service is expected to
infuse new life for the BSNL as it stood fourth largest mobile player with a
total subscription of over 92.36 million. BSNL was running in losses earlier
but has start posting operation profit recently.
TechSci Research depicts that with the
bold steps taken by government owing to demonetisation, cashless transaction is
becoming need of an hour and inclusion of rural India to adopt mobile wallet
services will push cashless transactions manifolds.
According to the recent report published
by TechSci Research, “India
Mobile Wallet Market Forecast and Opportunities, 2020”, the mobile wallet market in India is
forecast to reach US$ 6.6 billion by 2020. Growing awareness regarding the
benefits of mobile wallets, rising smartphone and mobile internet penetration
rates, and increasing security measures are expected to drive growth in India
mobile wallet market. In 2014, Tier-I cities such as Delhi, Mumbai, Kolkata,
Bangalore, Pune, etc., registered the highest number of mobile wallet users in
the country, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore,
Patna, etc. are emerging cities in terms of mobile wallet usage. Banking
accounted for the largest end user sector in the country’s mobile wallet market
in 2014, followed by retail, telecom and transportation sectors. Few of the
leading companies operating in India mobile wallet market include One97
Communication Pvt. Ltd., MobiKwik and ItzCash.