Nokia Starts Mobile Payment Facility in India

by CXOtoday Staff    Feb 16, 2010

Nokia has announced that its financial services, Nokia Money, will be deployed in India first. The announcement was made at the World Mobile Congress in Barcelona, Spain. With Nokia Money, users will be able to pay their bills, recharge their pre-paid SIM cards and also transfer money to a person by using his or her mobile number.

The payment platform is in partnership with Yes Bank and has been initiated in Pune already. This is a commercial pilot of its ‘global mobile financial services initiative’. In Pune, the service has been christened, ‘Mobile Money Services by Yes Bank’.

"The Nokia Money initiative based on Obopay’s platform is initially targeted at growth markets and designed to work in partnership with multiple network operators and banks, involving distributors and merchants in a dynamic open ecosystem to seamlessly provide the new services. Yes Bank is our first partner in India to bring this service to market," said Teppo Paavola, VP and general manager of Mobile Financial Services at Nokia. Last year, Nokia had invested an estimated 70 million dollars in Obopay, a service provider for payments via mobile phones.

The company plans to scale up the services by later allowing consumers to pay merchants for goods and services.