Update: As one of our readers pointed out, the service is not just restricted to Nokia handsets, although the Mobile Money website only lists Nokia handsets. We contacted Nokia and got a response that the service works on all handsets that support SMS including non-Nokia ones. Nokia and Union Bank of India have commercially launched their mobile payments service, 'Union Bank Money' in the NCR region. Initially the service will be available in Gurgaon, followed by Delhi, Noida and Faridabad. It will be rolled out nationwide in a few months. As we reported earlier, under the tie-up, registered Nokia stores will act as banking correspondents to Union Bank of India and facilitate service registration, money transfer and cash withdrawal. Nokia will pre-install the Union Bank Money application in its handsets, in addition to offering it as a download to existing handset owners. Customers who sign up for the service will be able to transfer money, withdraw cash from Nokia outlets as well as from UBI ATMs and pay for utility bills and mobile recharges via their mobile phones. After the RBI allowed Banks to sign up “companies registered under the Indian Companies Act, 1956, excluding Non Banking Financial Companies (NBFCs)” as Business Correspondents, a whole lot of companies, most of them being Mobile Operators, announced tie-ups with banks. Most of these tie-us are at the initial stage, with only Idea and Axis Bank announcing a commercial launch. It remains to be seen how these work out in real world conditions. Although, Nokia has…
