Nokia’s ambitious Mobile Money project (in partnership with Yes Bank and Obopay) has received an approval from RBI.
Nokia Money pilot began in Pune and enables people to transfer money to another person simply by using the person’s mobile phone number. They’ll also be able to pay utility bills and top up SIM cards. Looking ahead, there will also be the facility to pay for goods and services.
Nationwide roll out of this initiative will be done after results from Nokia’s test study are shared with RBI (source).
Expect this to make a dent in the mobile payment and commerce space.