A few months ago, Nokia had launched its new initiative called the ‘Union Bank Money powered by Nokia’ across India, for financial inclusion via mobiles. In line with this campaign, the Nokia Mobile Money application was announced. This app will be available in all upcoming Nokia devices and is primarily for the unbanked and under-banked citizens.
This crusade aims to empower people and their businesses. This app will be embedded in Symbian smartphones – Nokia’s series 30 and series 40. The company’s mobile financial services initiative has already commenced its processes in cooperation with a variety of business correspondents, retailers, merchants and institutions like Obopay, Union Bank of India (UBI) and Yes Bank. In many sectors of the country their Union Bank Money services and Mobile MoneyServices by Yes Bank are in operation and will apparently expand to other parts as well.
Gary Singh, General Manager, Nokia Mobile Payment Services, threw more light on the new initiative saying, “At Nokia, it has been our constant endeavor to democratize experiences, products and platforms for consumers. Mobile Money Services eliminate dependence on the physical presence of a branch or availability of internet banking services. Embedding the Money client in the Nokia devices going forward further makes the service ubiquitous and accessible for consumers across categories. We believe our partnerships with Yes Bank and Union Bank of India will help us connect the unbanked population in the country by leveraging the wide reach of our combined networks and the deep penetration of mobile services in the country.”
By getting rid of the need for any intermediaries, the new app claims to offer users security, safety and convenience. Nokia says that this app makes sending money as simple as sending an SMS or making a phone call.
The app provides services like Bill payment, Money transfer, Prepaid SIM top-up and Cash withdrawal from Business Correspondents cash-out outlets and ATMs. It enables users to manage accounts as well as provide them with details of the balance information. Tracking of deals and transactions is another function that this app can perform.
To procure the Nokia Mobile Money service app, people owning a Nokia phone can visit a Nokia Money agent and get the application loaded onto their phone. They can also use this service through text messages.