wordpress blog stats
Connect with us

Hi, what are you looking for?

Nokia Launches Nokia Money Prepaid Mobile Wallet

Nokia has launched it’s Nokia Money mobile wallet service across India. The new service is in addition to Nokia’s existing mobile payments service tie-ups with Union Bank of India and Yes Bank, and will essentially be a prepaid mobile wallet through which users can load cash on their mobile phones via Nokia dealers and pay utility bills, phone top-ups, insurance premiums and tickets among other payments. Nokia Money will be independent of mobile operator and we assume that it will also be independent of the handset brand, as Nokia informed us, in the past. Which means there would be no need to replace the SIM card unlike Airtel Money. The blog post suggests that the primary interface of the service would be SMS. As we noted in one of our previous posts, Nokia has been pre-loading its Obopay mobile banking applications on new phones.

So Nokia will now have two different product offerings in the mobile payments segment: one will be an independent prepaid wallet and the other one a full-fledged payments service based on its Banking Correspondent tie-ups. While, the prepaid wallet will allow users to load cash on their mobile phones through Nokia dealers for basic payments, competing with the likes of Beam, Loop Mobile’s service with ZipCash and Airtel Money, its existing services Union Bank Money and Yes Bank Money will be an upgrade that will allow person to person money transfer, and cash withdrawals,  in addition to payments and will be like a no-frills bank account with the respective banks. Of course, the latter will require more documentation and follow stringent KYC (Know your Customer norms), which the prepaid wallet does not need.

Although, Nokia can take advantage of its large dealer network in India to sustain the prepaid payments product, it would need merchant tie-ups at the local level, if it wants to reach out to the masses.

Related
Nokia Preloads Obopay Mobile Banking App In India; Critical Stage
Updated: Nokia & Union Bank Of India Launch Mobile Payments
– Nokia Stores will be business correspondents for Union Bank of India

Advertisement. Scroll to continue reading.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

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...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

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...

News

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...

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