Nokia in an attempt to start its Global financial services initiative announced that Nokia would initiate the commercial service in Pune one of the largest metropolitan areas in India. Nokia has partnered with YES BANK for Mobile Money Services to bring financial services to the consumers’ mobile devices.
"The Nokia Money initiative based on Obopay’s platform is initially targeted at growth markets and designed to work in partnership with multiple network operators and banks, involving distributors and merchants in a dynamic open ecosystem to seamlessly provide the new services. YES BANK is our first partner in India to bring this service to market," said Teppo Paavola, VP and general manager of Mobile Financial Services at Nokia.
In the initial phase of the service, consumers will be able to transfer money to another person just by using the person’s mobile phone number, pay utility bills as well as recharge their prepaid SIM cards (SIM top-up). Later, consumers will also be able to pay merchants for goods and services. This move by Nokia would definitely eat up Mcheck and Ngpay’s business, which has similar business plan in India.
Check out the video of Gerhard Romen, Nokia’s Director for Alliances: