Guwahati, Feb. 17: The State Bank of India (SBI) today launched its digital wallet Mobicash, which even works on older generation phones and will enable people in rural areas to use the app.

The SBI launched Mobicash in partnership with Bharat Sanchar Nigam Limited (BSNL). The BSNL outlets will be used as delivery points for loading cash in the wallet and they will also assist the users to operate it. About 40,000 BSNL outlets will extend the reach of the service to every corner of the Northeast.

"Mobicash is the only digital wallet in the country which can be accessed online as well as offline. It can be used not only for paying BSNL post-paid and landline bills but also for utility bills like electricity, water, house tax and property tax. The wallet has features like cash-in and cash-out and money transfer from wallet to wallet and person to person. A bank account or credit/debit card is not needed to operate the wallet," said Ravindra Babu, senior engineer, IT department, BSNL.

P.V.S.L.N. Murty, chief general manager, SBI (Northeast circle), said: "There is no commercial angle in developing the wallet as there is no transaction fee. The wallet aims to cover the un-banked and untapped payments market and will help bring the rural market into the mainstream economy."

M.K. Seth, chief general manager, BSNL Assam, said, "Initially there will be a transaction limit of Rs 10,000, which will be extended later. The wallet will act as a small bank. We will increase our retail sales points from 40,000 to 1 lakh to cater to a larger section of the population."