On 12th March 2020, a government-owned telecom service provider, Bharat Sanchar Nigam Limited (BSNL) launched its digital payments service called “Bharat Instapay”. BSNL has partnered with SBI to power this payment platform. BSNL is also SBI’s connectivity partner for its digitally enabled network across the country.
Bharat Sanchar Nigam Limited (BSNL) also launched its own mobile wallet in 2017, named as “BSNL wallet”.
Pravin Kumar Purwar, Chairman & Managing director of BSNL said that the IT platform of the company was linked with SBI’s banking platform to launch the service. He also added that a unique digital identification has been provided to channel partners associated with BSNL for carrying out digital payments.
Bharat Sanchar Nigam Limited (BSNL) is an Indian state-owned telecommunications company, headquartered in New Delhi, India. BSNL was incorporated by the Government of India on 1st October 2000.
It provides mobile voice and internet services through its nationwide telecommunications network across India. It is the largest wireline telecommunications network company in India with more than 60% market share. BSNL is also the fourth-largest wireless telecommunications operator.
BSNL has 3 main divisions –
- BSNL – Consumer Fixed Access (CFA), wireline and broadband business.
- BSNL – Consumer Mobility (cm), wireless business, primarily 3G GSM services.
- BSNL – enterprise business, enterprise customers on a turnkey basis.
Other than these three verticals, there are electrical wings and civil wings that take care of real estate monetization also.
BSNL receives stiff competition from private companies like Reliance Jio and Airtel. In 2017-18, the revenue of BSNL was Rs 27,818 Crores, which was 14% less than that of the Previous Year. There was a drastic change in losses to, as the number rose from Rs 4,500 Crores in 2016-17 to Rs 7,992 Crores in 2017-18.
About SBI: –
The state bank of India (SBI) is a multinational, public sector banking and financial services statutory body. It is a government corporation statutory body headquartered in Mumbai, Maharashtra.
SBI is ranked 236th in the fortune global 500 lists of the world’s biggest corporations of 2019. It is the largest bank in India with a 23% market share in assets, besides a share of one – fourth of the total loan and deposits market.
The bank descends from the bank of Calcutta, founded in 1806, via the imperial bank of India making it the oldest commercial bank in the Indian subcontinent. The imperial bank of India turned into the state bank of India in 1955. The government of India took control of the imperial bank of India in 1955, with the reserve bank of India (RBI) taking a 60% stake and renaming it as the state bank of India.
The chairman of the State Bank of India is Rajnish Kumar.
About Bharat instapay:-
As mentioned earlier, the IT platform of BSNL has integrated with SBI’s banking platform to help BSNL’s channel partner to carry out digital transactions in an easier manner, at any point of day without feeling the need to do any paperwork at BSNL’s office.
Earlier, channel partners working with BSNL had no option but to visit the BSNL’s office for paperwork. Also, the process used to get delayed due to non-working days. But now with the help of Bharat Instapay, the channel partners of BSNL can pay bills online.
The channel partners need to verify themselves, and once they do so, they can carry out all the transactions 24×7 without any human intervention.
The managing director of SBI, Dinesh Khara said during the launch that SBI will keep supporting all the digital initiatives of the company.
BSNL will enable all types of channel partners to use this medium to carry out digital payments 24×7.
Through this medium P.K Purwar, wanted to help BSNL’s channel partners to make efficient payment. According to him, this will not only improve BSNL’s credibility towards partners, but it will also help in the growth of the partner’s business at an increasing rate.
What about customers?
BSNL is a company that is performing well in recent times. But sadly, this introduction of Bharat Instapay has nothing to do with the customers. BSNL was the first company that made incoming roaming charges free across the country. As customers, we can assume that in future BSNL will keep on introducing schemes that are beneficial for its customers.
It would be difficult for BSNL Instapay to sustain in the market where the likes of Paytm, Google Pay, Phonepe are leading.