Finnish mobile phone maker Nokia announced the introduction of its Mobile Money client service. The feature will first be available in India, one of the largest markets for Nokia’s phones, and will be made available across all recent models.
The Mobile Money service offers wireless financial transactions direct from the handset. It eliminates the need for third-party payment systems or services and allows individuals and SMEs to harness the power of wireless banking. It uses either short text messaging (SMS), GPRS or Wi-Fi connections to transact the business wirelessly and pass currency from one user to another.
According to Nokia, Mobile Money offers multiples financial services such as account management, detailed transaction history, bills payment, money transfer, cash withdrawal from from registered Nokia users (such as stores and banks), ATM tie-ups, and prepaid top-ups.
The service will be made available on Series 30 entry-level phones, Series 40 intermediate models, and Nokia’s Series 60 Symbian smartphones. It will compatible with both traditional keypads and touchscreen applications.
The Finnish company is sinking a lot of resources on the Indian subcontinent. With its market share steadily eroded by Apple since the introduction of the wildly popular iPhone, Nokia has spent a great deal of money entrenching itself in India’s massive population as the mobile phone of choice.
The company is building a comprehensive wireless transaction service, signing up the Union Bank of India, YES Bank, Obopay and a wide range of shops and business establishments. The partner services, Union Bank Money and YES Bank’s Mobile Money Services, are already available in several regions in the country, with more areas added in the coming months.
Savvy Indian consumers have the option of choosing either Union Bank Money or YES Bank Mobile Money Services, two of the country’s largest banking institutions. Gary Singh, GM of Nokia Mobile Payment Services, said, “At Nokia, it has been our constant endeavour to democratise experiences, products and platforms for consumers. Mobile Money services eliminate the dependence on the physical presence of a branch or the availability of internet banking services. Embedding the Money client in Nokia devices further makes the service ubiquitous and accessible for consumers across categories.”
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