Nokia Money mobile-banking services in India
Nokia, the biggest maker of mobile phones in the world, is planning to launch soon its financial and banking services in India under the name ‘Nokia Money.’
In this regard, Nokia has started talks with 6 banks in India.
The banks will be responsible for handling issues related to banking regulations as well as cash management.
According to Teppo Paavola, global chief of Nokia Money service, the company’s plan is to make use of its vast network of 1.9 lakh mobile-phone retailers and dealers, who will act as the “consumer point and banking correspondents.”
On its part, Nokia will offer a universal platform where the mobile phone can be a medium for banking, for payment of utility bills, paying merchants for goods and services, buying tickets, and for international remittance, Paavola told reporters.
India, he added, figures amongst the top 20 countries where Nokia plans to launch Nokia Money, start with.
The mobile-banking platform that India-based banks now have is limited to a single bank and a telecom operator. In contrast, Nokia aims at offering a full-fledged service, which will bring together all banks, operators and also mobile-phone handsets of other brands, Teppo Paavola explained.
On the “regulatory challenges” in India, Paavola said the crucial task would be to turn the retailers of Nokia into agent of Nokia Money.
The regulations in India, according to Paavola, are very tough, especially compared to those in Kenya and the Philippines.
The Reserve Bank of India’s customer policy for banks, he added, could act as a limitation for the Nokia agents, and hence Nokia is tying to make the banks tackle the regulations-related issues, such as licences and cash management.
All the same, Teppo Paavola said Nokia expects its Nokia Money service to be a big success in India because of the country’s extensive dealer network, through which the consumers can deposit money and withdraw cash.
As of now, setting up bank branches or ATMs in India is expensive and hence Nokia Money can act as an extension of a bank’s branch, according to Paavola.
The success of the Nokia Money service, he said, lies in the fact that the service should work in all mobile-phone handsets and also it should be “as simple and convenient as making a voice call or sending an SMS” and must have a very low transaction fee.
Nokia said it is expecting to launch its first Nokia Money service globally in early 2010.
Market surveys have shown that the global mobile financial services market is to touch 18 billion euros by 2014. Out of this, emerging markets alone are expected to contribute 12 billion euros.
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Make mobile payments through Nokia phone with Union Bank of India | DWS Gadgets said on Friday, March 18, 2011, 10:47
[...] first reported in 2009 that Nokia was planning to launch its financial and banking services in India. Nokia wanted to offer a universal platform where the mobile phone can be a medium for [...]