Handset major Nokia announced that it has started to
embed the Mobile Money client in all Nokia devices in India.
The Mobile Money service provides the unbanked and
under-banked masses, access to financial services through their mobile phones,
thus empowering people and their businesses.
As part of Nokia‘s vision of
enabling a broad community with financial services, the Money client is
available not only on high end Symbian smartphone devices, but also on NokiaÂ´s
Series 40 feature phones, as well as the Series 30 entry level devices and
support both keyboard, touch and combined devices.
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.
Keeping with Nokia’s open approach and ecosystem for
mobile financial services, the client is just branded Money.” 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.
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. Embedding the Money client in the
Nokia devices going forward further makes the service ubiquitous and accessible
for consumers across categories,” said Gary Singh, general manager, Nokia
Mobile Payment Services.
Simple, safe and convenient, 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.
For example, the selection of recipient in a send money
transaction is directly integrated with the phone book; sending money thus
becomes as simple as sending an SMS or making a phone call. To make the service
simpler, the user-interface is de-coupled and separated from data transport.
Consumers who already own a Nokia phone without the
Mobile Money client can simply visit a Nokia Money agent and get the
application loaded onto their existing phone. They can also use the service via
text messages, which do not require the client.
By TelecomLead.com Team