wordpress blog stats
Connect with us

Hi, what are you looking for?

Nokia Partners YES Bank To Launch Nokia Money In India; Pilot Begins In Pune

Handset manufaturer, Nokia has tied up with YES Bank to launch Nokia Money in India powered by Obopay. Initially, a commercial pilot will be launched in Pune to test the waters. Note that the service is bank led, called “Mobile Money Services by YES Bank”. Users an sign up for the service at mobilemoneyservices.co.in. The service has been launched almost a year and a half since the Reserve Bank of India (RBI) announced guidelines for mobile payments. The RBI has since increased the transaction limit for mobile banking to Rs. 50,000, and allowed cash withdrawal via mobile.

According to Nokia Money, the service will allow users to check their balance, manage expenses and payments, recharge prepaid (mobile) account, and pay utility bills. Cashless payments to merchants have not been launched yet. The uptake of mobile banking in India has been muted, at best, so much so that Dr. K.C. Chakrabarty, Deputy Governor of the RBI, had severely criticized banks and telecom operators for not sorting out their issues.

Last March, Obopay and Yes Bank had announced they would launch a mobile payment solution to be called “Pay Anyone”. Nokia invested an undisclosed amount in Obopay last year, speculated to be around $70 million, so Obopay obviously gets a look-in with Nokia Money.

According to IDC, Nokia has a major share of 56.8 percent in the handsets market as of June 2009.  We expect Nokia to launch handsets with built-in Obopay apps for the financial transaction.

Related:

RBI Authorises Banks To Convert ECommerce And MCommerce Accounts Within 3 Months
Does Nokia’s Investment In Obopay Impact India’s Mobile Payments Market?
RBI’s Vision For Mobile & E-payments, Major Projects
M-Banking: Obopay & Yes Bank To Launch Pay Anyone; Paymate – MobileStore
One97 Communications Launches Payment Platform PayTM
RCOM Picks Atom As M-Commerce Partner, Services
MTS Ties-Up With Utiba For eTop-Up And M-Commerce Platforms

Advertisement. Scroll to continue reading.

You May Also Like

News

The Tower and Infrastructure Providers Association (TAIPA), the apex body tasked with expediting the rollout of the telecom infrastructure in the country, wrote to the Department...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ