In The worlds largest handset maker, Nokia, is keen to have a large slice of the mobile fund transfer market in India. Nokia Mobile Financial Services Director, Gerhard Romen has told PTI that the company is now planning for a pan India coverage for Nokia Money, which is a service that enables users to pay directly through their Nokia mobile phones. The Nokia Money services are already available in Mumbai, Delhi, National Capital Region (NCR), Nasik, Pune, Chennai and Chandigarh. Soon the company will commence operations in metros like Surat, Baroda, Rajkot, Lucknow, Kanpur, Kochi and Kozhikode
Unlike a physical wallet, which needs to be stuffed with hard cash, an e-wallet can be used to make electronic transactions quickly and securely, without cash. In order to facilitate the transactions for its e-wallet utility, at present Nokia has tie ups with YES Bank and Union Bank of India. The company is seriously considering tie-ups with other banks to expand the reach of Nokia Money. In accordance with the directive from directive from Reserve regarding funds transfers through mobile handsets, Nokia Money will allow users to store up to Rs. 50,000 in their handsets.
The fund transfer of payment system through mobile in Nokia Money is quite simple. To send a payment all that a customer needs to know is the phone number of the intended recipient. A user can select a person from his contacts, and enter the amount to be transferred. The system does not require any Mobile Money ID number. Even users with non-Nokia handsets can use the system through the interactive voice response system. However, such users will be able to transact only after the transferor and the transferee have been registered on the Nokia services system.
Nokia Money is based on a Mobile Payment platform developed by Obopay, which has been partially funded by Nokia. The system seems quite convenient, as it does not have any annual fees. You dont need to disclose your credit card, bank account or debit card details. There are no cash loading charges and no minimum balance criteria. Also, there is no limit to the number of times that the users can transact. This seems like a year of intense activity for Nokia. Earlier this year the company had dissolved its Ovi brand and started the process of re-branding all its services as Nokia Services.
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