Telecom Lead India: Nokia has finally eliminated its
mobile payment services business in India by selling it off to a financial
inclusion facilitating firm Fino.
The acquisition of
Nokia Mobile Payment Services in India will allow Blackstone
backed FINO to foray into prepaid mobile payment space.
Speaking on the acquisition, Manish Khera, CEO of Fino
said that the company has bought Alpha Payment Services, earlier called
as Nokia Mobile Payment Services, in
an all cash deal.
In March this year, Nokia announced that closure of its
financial service called Nokia Money globally including India. The decision to
shut down the payment services was a part of Nokia’s evolving strategy and the
business environment.
Khera said the buyout will allow Fino to enter the mobile
payment business which is said to be a $350 billion opportunity by 2015.
Fino’s network of business correspondents spread across
the country. Khera added that the company was limited only to the banking and
financial services space till now and this deal gives us an entry into the
expenditure side.
At the peak, Nokia Money had 12 lakh users and its
turnover was reported RS 1 Crore+ a month, however, presently it has 7 to 8
lakh total users.
Fino will be first concentrating on reviving interest
from the existing customers and then grow using its own network of over 27,000
BCs.
