Mobile handset manufacturer, Nokia and Yes Bank have joined hands to launch mobile payment service in the country. The aim is to increase the financial inclusion campaign in the country.
Suresh Sethi, who is group president, transactions banking group, international banking, Yes Bank, said, “The entire process is based on the mobile-payments and pre-paid Acts by the RBI (Reserve Bank of India) that has enabled us to certify correspondents that can offer basic banking services. We would be certifying to the Nokia vendors and thus enable rural banking.”
After the service is introduced, users can debit account at Nokia centres which be changed to digital money on the phone.
The service has also obtained RBI nod.
Suresh Vedula, Nokia’s GM, sales, said, “The mobile payment solution is directed towards a cash-less society that would enable consumers transfer funds on mobile with-in an ecosystem like the regular kirana store and the laundry, amongst such payments. While utility fund transfers like electricity bill payments, land-line bills and even satellite TV providers would be tied up for direct funds transfer through mobile.”