Nokia introduces mobile money service

Nokia launches Mobile Money services in all its devices in India. The Mobile Money service provides the unbanked and under-banked masses, access to financial services through their mobile phones, said a press release.

The money client is available on Symbian smartphone devices, Nokia´s Series 40 feature phones and the Series 30 entry level devices. It supports both keyboard, touch and combined devices, the release added.

Nokia is building an open ecosystem for mobile payments in India and the Nokia Money mobile financial services initiative is already being implemented in India through partnerships with Union Bank of India (UBI), Yes Bank, Obopay and a wide range of merchants, retailers and business correspondents.

The services, called Union Bank Money and Mobile Money Services by Yes Bank, are already available in several regions and are being rolled out across India in the forthcoming quarters.
Consumers will have the option of choosing and subscribing to either Union Bank Money or YES Bank Mobile Money Services from their Nokia devices. The app can be activated at Nokia retail and other outlets, who are also authorized banking correspondents of Yes Bank and/or Union Bank of India.

Gary Singh, GM, Nokia Mobile Payment Services, said, “At Nokia, it has been our constant endeavor to democratize experiences, products and platforms for consumers. Mobile Money services eliminate dependence on the physical presence of a branch or availability of internet banking services.

The company stated that the service eliminates the need for intermediaries, delivering true convenience. The Money App is deeply integrated in its functionality with the phone and other phone services.

Therefore, the user does not need to know which transport (SMS, GPRS or Wifi) is in use during the transaction. Mobile Money Service allows users to avail multiple financial services functions such as account management with detailed balance information, tracking of each transaction, details of each transaction done, bill payment, money transfer, cash withdrawal from Business Correspondents cash-out outlets and ATMs, prepaid SIM top-up etc.