After several months of pilot, Nokia Money went live pan-India in the month of December 2011 and the service was independent of any particular mobile network, hence extending its reach to many previously ‘underbanked’customers (in partnership with with the Union Bank Money and Yes Bank Money). As part of distribution strategy, Nokia already started pre-loading the app on Nokia devices and its important to note that since the service
is was a closed wallet, it didn’t require KYC documentation.
Nokia Money Timeline
– August 27th, 2009: Announced: Nokia Money – Your Mobile will turn into a Wallet
– April 30th, 2010: Nokia Mobile Money Project gets approval from RBI
– July 2nd, 2010: Nokia Launches Mobile Money Service in Chandigarh
– December 14th, 2011: Nokia Money goes pan-India.
– March 12th: <eom>.
As per Hindu, Nokia will continue the service for 3-4 months to give enough time for subscribers to use up the money. Also, the handset maker will offer to refund the registration fee collected from the subscribers. It will also approach the Reserve Bank of India to surrender the licence it took for launching the service.
So far, there is no official confirmation on this matter.