State-run telecom firm BSNL has partnered with State Bank of India to launch a mobile wallet across four states likely by next week and across India by the end of this month.
BSNL Chairman and Managing Director Anupam Shrivastava said, “We expect to launch mobile wallet with SBI by next week across four states and pan-India by the end of this month.” While talking about digital transaction proliferation in the country, Shrivastava said that inclusion of rural India to adopt mobile wallets will push cashless transactions multifold.
“In rural India, BSNL and SBI in the partnership are bringing mobile wallet Mobicash which will not only work on smartphones, but also on feature phones using SMS and USSD platform. BSNL has been using National Payments Corporation of India (NPCI) gateway for bill payments even when cashless transactions were not a necessity. With bold step taken by the government, the cashless transaction has become a necessity and people will adopt it rapidly. This new service concept infused new life into BSNL and the company is now rapidly transforming,” Shrivastava added.
BSNL is now fourth largest mobile player in the country with a total subscriber base of over 92.36 million. The loss-making public sector firm has started posting an operational profit. The growth in income and ability to contain expenditure in salary, administrative, employee remuneration and other benefits helped BSNL in growing Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) to Rs 3,855 crore in 2015-16 when compare to Rs 672 crore in 2014-15.