In a bid to bring in seamless digital transaction system for the citizens, Telangana IT Minister the Hon. K.T. Rama Rao launched India’s first state e-wallet called the T wallet on Thursday. In association with the Bengaluru based fintech startup, Transaction Analysts, the app will initially be available on Android and iOS platforms.
This wallet will allow users to make payments for government services and also receive benefits like pensions and scholarships from the government. Apart from government transactions, citizens will also be able to make use of this e-wallet for private transactions as well.
T Wallet will use two-factor authentication for security either through Aadhaar number and OTP or with the Aadhaar number and biometrics with Vijaya Bank as the banking partner. IT Minister K.T. Rama Rao, in an official statement, attributed the birth of the T Wallet to the guidance of Telangana Chief Minister K. Chandrasekhar Rao.
Hosted on Azure platform, the wallet supports English, Telugu and Urdu languages and is accessible through online web browsers, smartphones, and feature phones. This service will also be available in Meeseva and E-Seva centers for those who do not have access to mobile phones. While money can be loaded into the e-wallet to make payments, it cannot be used for cash withdrawals.
Money can be deposited into any wallet through 4 simple methods, using just the mobile number and email for transactions limits up to Rs. 20,000. Along with the regular credit/debit and net banking, money can be stored in the wallet by NEFT and IMPS, through any bank that supports both services. Meeseva and E-Seva centers can also be used to deposit money. Transaction limits can be increased to Rs. 1 lakh with KYC confirmation of the account.
Telangana, the youngest State, has already established itself as a major hub for logistics and startups. With approximately 8,000 T Wallets already opened with more than 11,000 merchants on the first day, T Wallet seems to be another feather added to their cap.
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