Nokia has launched Nokia Money, its own branded mobile
financial service in India that will provide a secure and convenient alternate
to cash on a mass scale to users on their mobile phones.
Nokia Money will offer mobile payment services to
consumers who have a mobile phone and want the convenience of making basic
financial payments such as utility bills, top-ups, insurance premiums and
tickets among others, without getting into the hassle of having access to a
bank account or the internet.
For this, users need to go to a local authorized Nokia
retail store and go through a registration process, pay cash to load the wallet
and it is ready to use. The digital cash can then be used for making payments
through an SMS. As per RBI guidelines, this service doesn’t require KYC
documentation since it is a closed wallet.
There is a need for alternate financial payment
instruments in India and the mobile handset offers a perfect mass platform to
deliver these. Transaction costs on mobile devices are significantly lower.
Nokia brings multiple offerings and is developing an open ecosystem to deliver
mobile money services to users depending on their need,” said Gary Singh,
general manager, Nokia Mobile Payment Services.
Nokia Money is independent of any mobile operator or
individual banking network, thus extending global reach and use of mobile
financial services. Nokia Money operates across all handsets in India.
Making the service highly accessible and user-friendly,
Nokia is pre-loading the client in a wide range of Nokia mobile handsets across
price points. The application can also be installed nearly on all already
existing Nokia handsets in the country. Nokia Money works over SMS, GPRS/3G and
Wi-Fi and allows for zero balance giving users flexibility.
becomes the only company in India to offer a comprehensive portfolio of mobile
money services to users. It compliments Nokia’s
existing Money offerings available to consumers in India as it is a non-KYC
In case a Nokia Money consumer would additionally like to
make merchant payments, person to person money transfers and cash withdrawal,
the service allows him/her to upgrade to its bank mobile money product offering
including Union Bank Money or Yes Bank Money.
By Telecomlead.com Team