Nokia democratizes its Mobile Money Service

Finnish mobile handset maker, Nokia has now started embedding mobile money app on all devices and thus removes exclusivity tag from Smartphones. Now, henceforth, all of the Nokia devices ranging from Symbian Smartphones, Series 40 feature phones and even entry level series 30 phones will have mobile money client embedded. Also the app supports keypad, touch and combined devices.

Nokia, in association with Yes Bank , Union Bank of India & Obopay had already launched the Mobile money service , but so far it was available on select handsets only. But going forward this service will get democratized. Mobile Money service is currently available in few cities like Gurgaon, Pune, Nashik & Chandigarh but soon it will expand to whole of India.

Consumers will have the option of choosing and subscribing to either Union Bank Money or YES Bank Mobile Money Services from their Nokia devices. The Money App is deeply integrated in its functionality with the phone and other phone services. For example, the selection of recipient in a send money transaction is directly integrated with the phone book; sending money thus becomes as simple as sending an SMS or making a phone call.

What it does:

The mobile money service of Nokia empowered by banking associates yes Bank or UBI lets users perform financial transactions like Money transfer, utility bill payment , prepaid mobile recharge , payments to merchants for shopping & account balance check. It obviates the necessity of visiting a physical branch or internet banking and thus provides banking facilities to unbanked and underbanked.

How it works:

The customers with Nokia handsets will have to get mobile money account activated from Nokia retail outlets or from banking correspondents of UBI or Yes bank by submitting KYC documnets. Then the money can be deposited with the agent who will transfer it in your account. Mobile money account will be recognized by mobile number.

Once activated ,the account can be used through the app with an ease of sending an SMS. The service is secured by a PIN which need to be entered every time a transaction is carried out.

The best part of this application is its ease of operation , going forward it can prove to be a very good & convenient way of executing financial transactions. But for carrying out financial transaction like money transfer and payment to merchants the other party too needs to have similar account . This can prove to be limitation unless it proliferates to be ubiquitous.