SBI launches new digital wallet

GUWAHATI, Feb 17: State Bank of India, NE circle, in association with BSNL Assam formally launched its new digital wallet, ‘State Bank Mobicash’ today. ‘Mobicash’, according to an SBI press release, is an innovative mobile phone wallet designed to be user-friendly and applicable to both Smart and basic/feature phone users and those in remote areas (with no bank/ATM etc.).

The wallet aims to cover unbanked and untapped payment market and will help to bring rural market in the mainstream economy. The product will be an instrumental in promoting Government’s objective of cash-less society. Both Smart phone users with internet facilities and non-smart phone users can use the service of State Bank MobiCash. BSNL Service Point will be the delivery point for loading cash in the wallet, the release said.

The features/coverage envisaged in Phase-I are – (i) loading of wallet through cash at BSNL’s CSPs, (ii) transfer of funds to  another MobiCash wallet and SBI account, (iii) cash-out (cash withdrawal through wallet at CSP for full KYC wallet), (iv) transfer to other bank’s account through IMPS and (v) payment of BSNL services where BSNL is a biller (Postpaid mobile/ Telephone bill payment, Prepaid top up. The features/coverage envisaged in Phase-II are (i)  e-KYC (Aadhar-based KYC process), (ii) bill payments of billers (electricity, water, rail tickets), Other Telecom bill payment and top up, house tax, property tax, civil agency tax, DTH etc.