In India, in order to abolish the old 500 and 1000 banknotes, the State Bank of India (SBI) and Bharat Sanchar Nigam Ltd (BSNL) has introduced a new wallet system.
This wallet is called Mobicash Mobile Wallet. Mobicash Mobile Wallet works with smart as well as normal feature phone. The special feature of Mobicash is that users can deposit cash with BSNL retail outlets and can also withdraw cash from his/her account. The bank said the wallet will initially be available in Punjab, Rajasthan, Haryana and Bihar. The service will then be expanded throughout the country by December end.