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Updated: FINO Acquires Nokia Money In India; Takatak Money

Update: Well "early stages of discussions" was what we were told. FINO has now confirmed what we had reported last week - that they're acquiring Nokia Money in India. The service being launched is called "Takatak Money", and the new entity being formed to offer the service is called Alpha Payment Services India Private Limited. FINO claims 31000 transaction points, 50,000 villages and 50 million customers. Takatak Money will offer money transfers, utility bill payments, mobile & DTH recharges, and the company claims that it will be bank and telecom operator agnostic, targeting both urban and rural customers. It's not clear whether Obopay will power the platform for Takatak Money; it was powering Nokia Money,though. It's also not clear how many active customers Nokia Money has. Read our report below for more on Nokia Money and Obopay. June 21st 2012: Blackstone backed mobile financial services firm FINO is in talks to take over Nokia Money accounts, MediaNama had heard from sources. Representatives for Nokia and FINO told MediaNama that discussions between the two companies are taking place, but declined to comment further. The FINO representative said that nothing is finalized and it's too early to comment. Nokia had announced in March this year that it was exploring options for a structured exit from the "Mobile Financial Services business", including Nokia Money. Nokia Money was operated in partnership with Union Bank of India and Yes Bank and was powered by Obopay. According to a report from Obopay investor Elephant Capital, dated…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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

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