Telangana IT Minister, KT Rama Rao made an official statement that state will launch its own wallet, named as T-Wallet to get rid of the demonetization situation and to balance the transactions. These services are for both private and government purposes. This will also reduce the work load of departments who deal with the pension or to the educational institute who give scholarship and other financial departments who deal with the money matters on daily basis.
This service will be launched in collaboration with Bengaluru based transaction company known as “Transaction Analysts” with the purpose to spread the awareness and ease of accessibility for everyone. Government also appointed Vijaya bank as their official banking partner. Initially, this help will be only provided to the people who use Android, IOS and people who do not carry mobile phones can use it by “Meeseva” and “E-Seva” to make use of it.
There will be two authentications suggested by the government. Firstly, Aadhaar + OTP and secondly, Aadhaar + Bio-metric. These two will be the necessary requirement to obtain T-wallet. The primary motive behind this service is to make cashless transactions and to lower the financial problems running in the state. Initially, this wallet was to be launched in December last year, however, the government faced issues in getting approval from the reserve bank of India. Also, initial usage statistics suggested some security concerns which needed to be addressed. Telangana government seems to have worked over those issues and launched a revamped version with all the possible features.