Nokia has announced that it has started to embed the Mobile Money client in all Nokia devices in India going forward. 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 Nokia’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, which are also authorized banking correspondents of Yes Bank and/or Union Bank of India.
Gary Singh, General Manager, Nokia Mobile Payment Services, said, “At Nokia, it has been our constant endeavour 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.”