Nokia is now planning to insert the Mobile Money client in all the Nokia devices in India. The client will provide a gateway to financial services (via mobile phones) to anyone without a bank account or access to a financial institution.
Nokia Money (mobile financial services) is already live in India through partnerships with Union Bank of India (UBI), Yes Bank, Obopay and other merchants, retailers and business correspondents. The services branded as Union Bank Money (from UBI) and Mobile Money services by Yes Bank are already available in some regions in India and will be introduced in more locations in the coming months.
The application can be activated at Nokia retail and other outlets (which are also authorized banking correspondents of Yes Bank and/or Union Bank of India) and with the application, consumers can subscribe to Union Bank Money or YES Bank Mobile Money services from their Nokia devices.
"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," said Gary Singh, General Manager, Nokia Mobile Payment Services according to The Mobile Indian.
The Money App is integrated with the phone and its services, hence making money transfer as simple as sending an SMS. The service allows users access to financial services like bank account management, bill payments, money transfer, cash withdrawal from cash-out outlets (registered Nokia stores) and ATMs and mobile phone recharges.
People who already have Nokia mobile phones can go to a Nokia Money agent and get the application loaded onto their phones or they can use the service via text messages which do not require the client. The Mobile Money client will be available on high end Symbian S60^3 devices, Anna devices, Series 40 feature phones and Series 30 Nokia mobile phones.
The success of the Mobile Money client will largely depend on the reach of the service in the country and the strategic tie-ups of Nokia with other banks as well. Additionally, with the growing popularity of Android and iOS operating system and the shrinking market share of Nokia, we will have to wait and watch how lucrative the service actually is to the end customers.