Wednesday, June 27, 2012

Nokia Money

Nokia Money is a mobile financial service initially targeted at people who don't have a bank account or are currently underserved by financial services, especially in emerging markets.

Nokia Money offers a wide spectrum of mobile payment services. Consumers are able to transfer money to another person just by using the person's mobile phone number, pay merchants for goods and services, pay their utility bills, insurances, charities and telecom as well as recharge their prepaid SIM cards (SIM top-up). Using Nokia Money to send money is as simple as making a voice call or sending a text message.

Nokia Money is being rolled out in partnership with operators, banks, retailers, agents, and local service providers with an open approach to new business collaboration. However, it is independent of any individual banking network or mobile operator thus extending global reach and use of mobile financial services. It can run on most mobile devices, even on non-Nokia devices.

Nokia Money is being implemented in India where Nokia is partnering with Yes Bank, Union Bank of India using the Obopay platform, and hundreds of merchants and retailers. The Yes Bank Money and Union Bank Money services are already available in more than 35 city regions and will be rolled out across India during the next 12 months. In July 2011, MCB Bank from Pakistan signed a partnership with Nokia to provide mobile money services across Pakistan.

As the first device manufacturer making mobile money a standard part of devices, Nokia has started to ship all new Nokia mobile phones in India with embedded mobile money (Money client).

Web links:

- Global Nokia Money web site: www.nokia.com/money

- Consumer site on mobile money services in India: www.mobilemoneyservices.co.in

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