Nokia and Union Bank of India have launched a service that would enable users to transfer money and pay bills, etc., through their cell phones.
Called ‘Union Bank Money powered by Nokia,’ this service is already live in Gurgaon, and will be soon be available in Delhi, Faridabad and Noida. A nationwide roll-out will follow over the next few months.
The service targets users who do not have a bank account. The Nokia-Union Bank service would allow consumers to transfer money to other individuals, withdraw cash from authorized cash-out outlets (registered Nokia stores) and ATMs, pay utility bills and recharge prepaid SIM cards (top-ups) by using their mobile phones. Customers can register for the service, deposit money, or withdraw cash from their accounts at registered Nokia stores. Also see: Axis Bank offers mobile banking through Idea Cellular
For the customers under no-frills category, the total volume of transactions that can be carried out through this service will have an annual ceiling and prepaid recharge will have a balance ceiling in accordance with RBI guidelines.
For other customers, who complete Know Your Customer (KYC) compliance at the Union Bank of India, can use this mobile paymets service without any restrictions. Related: Interbank launches mobile payment services in India
‘Union Bank Money powered by Nokia’ service will operate across all mobile phones in India. Nokia is pre-installing an application in a wide range of Nokia mobile phones, be it low-end or high-end. The application can also be installed on almost all existing Nokia mobile phones in India.
We 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 banking, for payment of utility bills, paying merchants for goods and services, buying tickets, and for international remittance.
Speaking on the launch, M.V. Nair, Chairman & Managing Director, Union Bank of India, said, “We strongly believe Union Bank Money will augment financial inclusion amongst the unbanked and under-banked consumer segments by bringing financial services through the mobile device. Technology is a great enabler for banking services and our partnership with Nokia will help us offer ‘Anytime Anywhere’ financial services to consumers across the country. Once rolled out across the nation, Union Bank Money will be the single largest network in India to provide mobile financial services to consumers in urban as well as penetrate rural areas to tap the unbanked populace.”