After several years of trial runs, Nokia has finally launched Nokia Money in India. The service gives people a secure wallet for their money that can be used to make payments without the necessity of having a bank account.
All you need to do is to go to your local authorised Nokia retailer, who can set up the service on your phone, pay cash to the agent and the digital cash will be transferred to your phone. Your mobile can then be used to securely settle utility bills, phone top-ups, insurance premiums and tickets among other payments.
The new Nokia Money service is independent of any particular mobile network, so extending its reach to many previously ‘underbanked’customers. It is complimentary to the existing Nokia Money services we’ve reported on before that were set up with the Union Bank Money and Yes Bank Money. Customers who start with Nokia Money can also upgrade to these services, allowing person-to-person money transfers and cash-withdrawals, financial services which have more stringent regulations than the e-wallet provided by Nokia Money.
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.
Nokia has already started pre-loading the app on Nokia devices and its important to note that since the service is a closed wallet, it doesn’t require KYC documentation.
The service is mainly targeted towards rural India and works over SMS, GPRS/3G/Wi-Fi etc and also allows for zero balance as well.