In The international handset maker, Nokia has said that it has now started embedding the Mobile Money client service in all of its devices, which are being sold in India. This service will be available not only on the high-end smartphones, but also on the entry-level devices. It makes sense for the service to be available on entry-level devices, as bulk of the users of the Mobile Money service are expected to be the unbanked and under-banked population in the country.
The service is being implemented through partnerships with Union Bank of India, YES Bank, Obopay and a wide range of merchants, retailers and other business correspondents. Union Bank of India has launched a service called Union Bank Money, and Yes Bank has launched YES Bank Mobile Money Services. By using Nokia devices, users will be able to access both these services. They will have the option of choosing between the two banks. By the click of a button, or a swipe on the touchscreen, they can interface with Union Bank of India or with Yes Bank.
The users of Mobile Money will be able to avail of multiple functionalities like account management, with detailed balance information, tracking and details of each transaction, payment of bills, money transfer, cash withdrawal from business correspondents cash-out outlets (registered Nokia stores) and automated teller machines and prepaid SIM top-ups. Even those who are using older Nokia handsets, which do not have Mobile Money client service preloaded, will be able to get the app loaded through a Nokia dealer. They can also use the service through text messages.
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