Nokia announced the launch of Mobile Money service in India in the first quarter of 2010- the approval from RBI came in month of April and while Nokia/Obopay/Yes Bank did the pilot in Pune, the service has been commercially rolled out in Chandigarh.
What’s Nokia Mobile Money Project?
Nokia Money pilot 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.
The Nokia Money initiative based on Obopay’s platform is initially targeted at growth markets and designed to work in partnership with multiple network operators and banks, involving distributors and merchants in a dynamic open ecosystem to seamlessly provide the new services. YES BANK is our first partner in India to bring this service to market.
Nokia has specifically chosen Chandigarh for a simple reason that mobile penetration in the city is 95% and per capital income stands at INR 1 Lakh – hence a potential of early adopters trying the curve.
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Nationwide roll out of this initiative will be done after results from Nokia’s test study are shared with RBI (source).
Also Read: The Status Quo of Payments in India
So what happens to mobile payment services like mChek?