Nokia launches Mobile Money service in India

www.WirelessFederation.com/news: World’s first money transfer platform through mobiles in India has been announced by the global leader in the mobile handset industry, Nokia, at the Mobile World Congress in platform. Nokia has partnered Yes Bank and Obopay, which runs mobile payments platform and the pilot project has been launched in Pune.

Known as Mobile Money, the service will enable a customer to transfer money to other individuals, pay utility bills as well as recharge pre-paid SIM cards by using their mobile devices. Payment of merchants for goods and services can also be made by the consumers through their mobile devices.

According to D Shivakumar, VP and managing director, Nokia India, the service will create a financial ecosystem which is inclusive, sustainable and scalable besides competing with cash and not with plastic money adding that it will grow the size of e-transfer of money in India.