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07 September 2015

BSNL to launch Mobile Wallet service in association with SBI branded as 'SBI Mobicash' - Details of Services and Operation

As we reported earlier, BSNL is introducing Mobile Wallet service (SBI Mobicash powered by BSNL) wherein Citizens can use the service for Merchant payments, Mobile recharges Wallet to Wallet & similar other services. As per the latest information, BSNL will be launching this service very soon and the project will be implemented in various phases.

BSNL to launch Mobile Wallet service in association with SBI branded as 'SBI Mobicash' - Details of Services and Operation 

Through the proposed mobile financial services, SBI is targeting the unbanked and under-banked population of India, in association with Amdocs and Triotech. BSNL plans to retail this Mobile Wallet (m-wallet) service to customers through existing channel partners i.e., through Franchisees / Rural Distributors / Retailers network.

Services and operation of 'SBI Mobicash' mobile wallet services


Mobile Wallet is a virtual wallet which can be linked with Mobile Phone of any operator.In phase-I only BSNL customers are to be covered. It provides the flexibility to send and receive money instantly. For Cashing in and cashing out money, Franchisee/Retail channel of BSNL shall be used for this service. This Franchisee/ Retailer (hereinafter called retailer) channel of BSNL can also do assisted transactions i.e. can help end customers for doing transactions using their own wallet. Customer can access M-Wallet services via Mobile Apps/STK/USSD/SMS/Web.

Types of Transactions:

Types of transaction depending upon movement of money.
  • Cash-IN - Customer pays physical money to retailers. Retailer takes the money and transfer virtual money to customer’s wallet from its own wallet.
  • Cash-OUT - Retailer transfer virtual money from customer’s wallet to its own wallet. Retailer handover physical money to customer.
  • Person to Person Transfer (P2P) - Retailer/customer transfer virtual money from one customer’s wallet to another customer’s wallet.
  • M-Commerce - Retailer/customer purchase goods/services from merchants (accepting payment from SBI MobiCash mobile wallet) and pay using the mobile wallet. It also includes payment of utlity bills Viz. electricity bills, water bills etc.

Services Offered in Phase-I
  • Cash-IN - Any M- Wallet customer requiring Cash In will approach any Retailer/POS and pay the amount, say Rs 300/- for Cash In. The POS will generate SMS specifying amount, Mobile number to be Cash In and send to the system.
  • Cash-OUT by Retailer (For full KYC customers) - Any M- Wallet customer requiring Cash Out will approach any Retailer / POS and ask for Cash, say Rs 300/-. The POS will generate SMS specifying amount, Mobile No. To be Cash out and send to the system. The system will credit account of POS and interact with the M-Wallet.
  • BSNL Bill Payments
  • P2P (Wallet to Wallet)
  • P2P (Wallet to SBI Bank A/c)
  • P2P (Wallet to other Bank A/c)
  • BSNL Mobile Recharges
  • BSNL Landline Bill Payment
  • BSNL Post-Paid Bill Payments
  • BSNL Broadband Bill Payment & Data Card Bill Payment

Services to be offered in Phase II
  • Other operators Recharges such as Airtel, Vodafone, etc. 
  • DTH Recharges such as Tata Sky, Dish TV, etc.
  • Other Operator’s post-paid/Broadband Bill Payment
  • Utility Bill Payments (i.e. Electricity, Water, Insurance Premium Payment)
  • Merchant Payments (Bookmyshow, Cab services, IRCTC, Bus Booking & etc.)
  • e-KYC - The e-KYC front end application captures Aadhar number along with the biometric/OTP of resident and forms the encrypted PID block after that Aadhar KYC service authenticates the resident. If the authentication is successful, it responds back with digital signed and encrypted demographic Photograph. Retailer has to buy a biometric device which can capture the figures impressions. In this case no manual process of KYC is required to be followed.
  • DBT (Direct Benefit Transfer), Govt Schemes
  • Pension Payment / Scholarship 
  • Cash In using Debit Card / Net Banking from SBI A/c or any other account.

Download More Details about 'SBI Mobicash' M-Wallet Services below:-

Dear  readers, please share your views and opinions about this latest news via comments with us. Whether the proposed M-Wallet service will be beneficial for customers?

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