Nokia and Union Bank of India to roll out mobile payment services

by CXOtoday Staff    Mar 21, 2011

mobile payment servicesUnion Bank of India (UBI), and Nokia, recently announced the launch of ‘Union Bank Money powered by Nokia’ - mobile payment services, across India. The service will enable consumers to transfer money to other individuals, withdraw cash from business correspondents cash-out outlets (registered Nokia stores) and ATMs, pay utility bills and recharge prepaid SIM cards (top-ups) by using their mobile devices, informed the company.

“We strongly believe Union Bank Money will augment financial inclusion amongst the unbanked and under-banked consumer segments by bringing financial services through the mobile device,” remarked M.V. Nair, chairman & MD, UBI.

The bank informed that the service targets users, who do not have a bank account today, by providing access to financial services through their mobile phones. For customers in the no-frill category, the turnover will have an annual ceiling and prepaid card will have balance ceiling as per RBI guidelines. Other customers, who complete KYC compliance at the Bank, can use the product without any restriction on turnover.

“Our partnership with UBI will help 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,” opined D Shivakumar, VP & MD, Nokia India.

Nokia stated it is pre-installing the application in a wide range of Nokia mobile handsets across price points. The application can also be installed nearly on all already existing Nokia handsets in the country.

“Conducive regulatory policies, mobile phone penetration and government financial inclusion initiatives have come together to create the perfect moment for mobile financial services in India,” commented Gary Singh, GM, Nokia mobile payment services.

UBI and Nokia plans to bring banking services to over 10 million customers across 32,000 villages by 2013. Nokia will supplement the existing 3000 UBI branches across the country with its network of retail outlets.