Nokia India Pvt. Ltd., the Indian arm of the Finnish mobile handset maker, announced it would offer its Mobile Money service on all Nokia devices in India.
Nokia's Mobile Money enables users to transfer funds to other users, withdraw cash at partner bank ATMs or at Nokia retailers, pay utility bills, and top up prepaid mobile phone accounts.
The service uses technology from U.S.-based Obopay, the mobile-payment service provider in which Nokia invested about US$70 million in 2009. Obopay's technology provides the back-end processing for Nokia's service.
Mobile Money users will have the option of choosing and subscribing to either Union Bank Money or Yes Bank Mobile Money Services from their Nokia devices. Nokia has worked with both Union Bank of India Ltd. and Yes Bank Ltd. over the past two years, first on a pilot basis and then a full rollout to offer these funds transfer services.
Nokia is the biggest handset maker in India based on sales market share of 31% as of the end of 2010, according to market research firm IDC India.
Users of Nokia's service first must register with their bank and download the application to their phones.
After loading their accounts using cash at a participating retailer or Union Bank branch, users may transfer funds or make payments as desired.
To make a payment, or transfer, users must open the application on the phone, choose the participating beneficiary or biller, select the amount, and authorize the transaction by entering their four-digit PIN. For those whose handsets are unable to support the application, the companies will provide a text message-based version.
Under Reserve Bank of India rules, consumers may transfer no more than $1,095 a day when using the service.
