Nokia to end mobile money service (Finland, India)
Handset maker Nokia is planning to put an end to its mobile money business in an attempt to keep with the company’s strategy of focusing on the core areas of the business. Nokia launched its service a couple of years back in India.
According to a report by Hindu, Nokia has over 1.2 million subscribers availing the mobile money service, via different platforms. The company has tied up Yes Bank, Union Bank as well as provides the service via its own platform, ‘Nokia money’. However, the impact will be felt by the 2 lakh subscribers using the service under the Nokia Money brand.
The report reveals that the information to these subscribers to use up the money deposited in the mobile money account will be sent starting March 15. Further, Nokia will continue the service for the next 3 to 4 months to give enough time for subscribers to use up the money.
The company will surrender its licence to the apex bank in India, the Reserve Bank of India (RBI) as well as refund the registration fee to the subscribers.
Nokia Money due to launch soon
Nokia is attempting to create a multi-bank, multi-operator and multi-device collaboration on mobile banking, a service dubbed Nokia Money.
Nokia’s mobile banking and payment service is expected to be commercially available in its first market in Q1 2010, though no location details have been revealed yet.
According to Teppo Paavola, vice president, GM mobile financial services, Nokia cannot reveal any details until a banking partner is confirmed. It is learnt that the service requires a banking license before it can be launched.
Nokia said its target is to have 300 million active users of its services by the end of 2011.
Paavola said the service will enable un-banked people in emerging markets to transfer money, top up prepaid mobile services, pay bills, carry out online transactions, and pay merchants.
Global mobile payments market is expected to be worth €18 billion by 2014 – €12 billion from emerging markets and €6 billion from developed markets.
Approaches to mobile banking so far have lacked scale and have not worked across operators and across banks. Nokia therefore plans to drive the collaboration on an open financial ecosystem, with Nokia Money at its core.
The Nokia Money application will not only be pre-loaded but could be sideloaded, or downloaded later.
Nokia will also be able to provide the physical distribution channel that is critical for the service to work. For example, Nokia handset sellers can be turned into Nokia Money agents, providing the devices, the application, and the ability to handle cash.
Nokia launches Nokia Money, a mobile financial service
www.WirelessFederation.com/news: Nokia has introduced Nokia Money, a new mobile financial service offering consumers with mobile device access to basic financial services. For many consumers, this will be the first time they have had any access to such financial services.
Nokia Money has been designed to be as simple and convenient as making a voice call or sending an SMS. It will enable consumers to send money to another person just by using the person’s mobile phone number, as well as to pay merchants for goods and services, pay their utility bills, or recharge their prepaid SIM cards (SIM top-up). The services can be accessed 24 hours a day from anywhere, meaning savings in travel costs and time. Nokia is building a wide network of Nokia Money agents, where consumers can deposit money in or withdraw cash from their accounts.
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