Nokia has announced the launch of its Nokia Money service across India. The company has tied-up with banks like Yes Bank and Union Bank of India, for this service that allows people to use their mobile phones as a wallet to make payments, without the necessity of having a bank account.
There’s a dire need of this kind of payment service, especially in the Indian villages that lack proper access to banks. A secure electronic alternative would save time and offer people more safety. Also, since the number of Nokia dealers are more than the number of bankers in the country, this mobile wallet will provide people easy access to simple financial services.
“There is need for alternate financial payment instruments in India and mobile offers the perfect mass platform to deliver these. Transaction costs through banking correspondents is almost a tenth cheaper and for customers using mobile for money transactions the cost are even lower,” said Gary Singh, general manager, Nokia Mobile Payment Services.
The Nokia Money service is independent of any particular mobile network, so users across networks can utilize the service. For accessing the service, users need to go to their local authorized Nokia retailers and get the service set up on their mobile phones. Customers can then pay cash to the agents, who will then have digital cash transferred to the customer’s mobile phone. The cash transfer would be confirmed via SMS message and customers can then use their mobile phones to pay utility bills, book tickets, and do all other payments.