Union Bank of India is planning to launch "Union Bank Money", a mobile payments service, in partnership with Nokia and (Nokia funded) Obopay. The service allows customers to store money, transfer money and make payments: it is, by the looks of it, a wallet service. Remember that Union Bank of India is also among the banks to have partnered for the P2P mobile money transfer service, which is bank account linked; the service will also allow P2P transfers, and also allow customers to withdraw money from Union Bank of India ATMs. Nokia plans to preinstall the application in Nokia mobile devices. The rollout is expected to be complete in 12-18 months. Two interesting things in the release: - Nokia Stores as Banking Correspondents: Using the Union Bank of India card, customers will be able to withdraw money to do, according to the release "BC cashout (Registered Nokia stores)". This means that Nokia is converting its Registered Nokia stores into Banking Correspondents. This is unexpected, but will give the service an outreach beyond bank outlets. This is the kind of outreach on can expect from mobile operators' retail networks as banking correspondents (though that proposal is still under consideration). - The press release also states that "The Union Bank Money service will provide those who do not have a bank account, access to financial services through their mobile phones, thus empowering people and their businesses." Have mobile wallets that aren't linked to bank accounts been permitted yet in India? Correct me…
- India’s central bank launches pilot of e-Rupee for retail segment: Here’s everything to know November 29, 2022
- Event Announcement: Reworking the Data Protection Bill, Delhi, 8th Dec #Ad November 29, 2022
- Telegram Discloses Names, Numbers, IP Addresses of Alleged Copyright Infringers to Delhi HC November 29, 2022
- Nashik residents question the linking of Aadhaar with Voter ID November 29, 2022
- What can we learn about crypto scams from WazirX’s latest transparency report? November 29, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...