In a presentation sharing its recommendations with the Indian government on mobile payments businesses in India, Nokia India has said that in its current form, the ecosystem "cannot yet sustain a profitable stand alone pre-paid (payments) business". The Department of Information Technology (DIT) for India had sought suggestions on a framework for introducing a mobile based model for delivery of basic financial services; essentially, "banking the unbanked" using mobiles. Nokia had made the presentation in December 2009. The DIT has recently published the suggestions made by various entities, here. Nokia indicates that, in its current form, the cost of providing payment services is prohibitive, and among them, that the need to do a Know Your Customer (KYC) verification introduces a cost of Rs. 200 per customer. For a pure pre-paid mobile ecosystem, depositing cash (cash-in) costs 150 basis points (bps),…
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