The future is likely to take all your banking transactions onto your mobile phones. Phone makers and service providers are slowly, yet steadily preparing for this possibility. Earlier Nokia and Loop Mobile had disclosed their mobile money services. Nokia has now announced the pan-India launch of Nokia Money.
Nokia turns to SMS payments
The Nokia branded financial solution provides a wide spectrum of mobile payment services with a secure alternative to carrying cash. This will add to the convenience of basic financial payments like utility bills, top-ups, insurance premiums and tickers through SMS and without the need for an internet connection. Nokia users can use this service after a registration process at their local authorized Nokia retail store. One has to load the wallet with cash and then it is ready to use. The service doesn’t need KYC documentation as it is a closed wallet.
“There is a need for alternate financial payment instruments in India and the mobile handset offers a perfect mass platform to deliver these. Transaction costs on mobile devices are significantly lower. Nokia brings multiple offerings and is developing an open ecosystem to deliver mobile money services to users depending on their need,” said Gary Singh, General Manager, Nokia Mobile Payment Services.
Nokia Money is independent of network carriers and individual banking network. The service operates across all handsets in India and works with almost all Nokia phones. In fact, Nokia plans to pre-load the Nokia Money service client on its handsets. Nokia Money works over SMS, GPRS/3G and Wi-Fi and allows for zero balance giving users flexibility, says the company. Those Nokia Money consumers looking for merchant payments and person to person transfers can also do so by upgrading to bank mobile money product offerings like Union Bank Money or Yes Bank Money.