Nokia- a leading mobile producer and supplier intends to commence its mobile banking service in India. The service would be called as Nokia Money, as per a Nokia official.
A test study on the commencement of this new service was inaugurated by the company in Pune in February. The official said that the study got an “extremely encouraging” response. The study was conducted in a tie up with Yes Bank.
It now intends to have more tie ups of this type with other banks in order to commence with the service in various regions of the subcontinent.
The official said, “A decision will be taken after the six-month test period. The process involves getting approvals from Reserve Bank of India“.
Nokia sees promise in this service as it is one of the leading mobile phone suppliers in India. So those who carry a Nokia mobile can also transfer money with the same instrument. Customers using this facility can also pay their utility bills and top up SIM cards. They can also pay for goods and services.
While detailing the working method of the service the official said, “By using this facility a person living in one place can transfer the money to another person not having bank account and the latter can receive the money from Nokia dealer in his area.”
Nokia believes the worth of mobile payment transactions in India will go up to $1.28 billion by 2013.