Nokia introduces Mobile Money Client on all Nokia devices

Continuing its efforts towards driving financial inclusion through mobility, Nokia today announced that it has started to embed the Mobile Money client in all Nokia devices in India going forward. The Mobile Money service provides the unbanked and under-banked masses, access to financial services through their mobile phones, thus empowering people and their businesses. As part of Nokia’s vision of enabling a broad community with financial services, the Money client is available not only on high end Symbian smartphone devices, but also on Nokia´s Series 40 feature phones, as well as the Series 30 entry level devices and support both keyboard, touch and combined devices.

Nokia is building an open ecosystem for mobile payments in India and the Nokia Money mobile financial services initiative is already being implemented in India through partnerships with Union Bank of India (UBI), Yes Bank, Obopay and a wide range of merchants, retailers and business correspondents. The services, called Union Bank Money and Mobile Money Services by Yes Bank, are already available in several regions and are being rolled out across India in the forthcoming quarters.

Keeping with Nokia’s open approach and ecosystem for mobile financial services, the client is just branded “Money”. 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 app can be activated at Nokia retail and other outlets, who are also authorized banking correspondents of Yes Bank and/or Union Bank of India.

Speaking on the occasion, Gary Singh, General Manager, Nokia Mobile Payment Services, said, “At Nokia, it has been our constant endeavor to democratize experiences, products and platforms for consumers. Mobile Money services eliminate dependence on the physical presence of a branch or availability of internet banking services. Embedding the Money client in the Nokia devices going forward further makes the service ubiquitous and accessible for consumers across categories.”

“We believe our partnerships with Yes Bank and Union Bank of India will help us connect the unbanked population in the country by leveraging the wide reach of our combined networks and the deep penetration of mobile services in the country,” he further added.

Simple, safe and convenient, the service eliminates the need for intermediaries, delivering true convenience. 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. To make the service simpler, the user-interface is de-coupled and separated from data transport. Therefore, the user does not need to know which transport (SMS, GPRS or Wifi) is in use during the transaction. Mobile Money Service allows users to avail multiple financial services functions such as:

-          Account management with detailed balance information, tracking of each transaction, details of each transaction done.

-          Bill payment

-          Money transfer 

-          Cash withdrawal from Business Correspondents cash-out outlets (registered Nokia stores) and ATMs

-          Prepaid SIM top-up

-          Tell a friend

Consumers who already own a Nokia phone without the Mobile Money client can simply visit a Nokia Money agent and get the application loaded onto their existing phone. They can also use the service via text messages, which do not require the client.

About Nokia

Nokia is committed to connecting people to what matters to them by combining advanced mobile technology with personalized services. More than 1.3 billion people connect to one another with a Nokia, from our most affordable voice-optimized mobile phones to advanced Internet-connected smartphones sold in virtually every market in the world. Through Ovi (www.ovi.com), people also enjoy access to maps and navigation on mobile, a rapidly expanding applications store, a growing catalog of digital music, free email and more. Nokia's NAVTEQ is a leader in comprehensive digital mapping and navigation services, and Nokia Siemens Networks is one of the leading providers of telecommunications infrastructure hardware, software and professional services globally.