Pyro Networks is the program manager and technical partner in this initiative whereas Andhra Bank is the banker for SPEEDPAY service.
SPEEDPAY was launched today by minister of communications and information technology, Ravi Shankar Prasad along with Rakesh Garg, secretary, department of telecommunications and Anupam Shrivastava, CMD, BSNL.
Launching the service, Ravi Shankar Prasad said, “This service will give a big boost to Digital Economy and will bridge the gap between rural and urban India.
SPEEDPAY is an open prepaid instrument which can be used as a means for purchase of goods and services at any card accepting merchant locations (point of sale terminals) and allows cash withdrawal at ATM/customer service point. A customer can also get a prepaid wallet at the nearest BSNL retailer spread across India.
Launching SPEEDPAY service, Anupam Shrivatava said, “This service will give big boost to cashless transactions. The service is operator agnostic and will be available for mobile customers of Andhra Pradesh and Telangana from today onwards. The service will be launched in other parts of India very soon.”
Paritosh Reddy, CEO, Pyro said, “Even small entrepreneurs and businessman can become channel partners and set up a merchant account and enable payments for their customers who do not have bank account or credit card. These small entrepreneurs would enable people without bank accounts to pay most of their utility bills and make over-the-counter transactions.”