Netbanking has been a revolutionary change in handling financial accounts and its so much easier. Now Nokia has taken step further is providing those services in your mobile phone. Though phone banking services already exists, the quality of their service might varies in different banks. Nokia wants to provide financial services to people on a common platform irrespective of their bank.
Nokia announced today its plans to feature the Mobile Money client in all the Nokia devices in India henceforth. This service provides access to financial services to people and business establishments who do not have a bank account or access to a financial institution through their mobile phones.
Nokia Money mobile financial services has already been implemented in India with the help of its partnerships with Union Bank of India (UBI), Yes Bank, Obopay and a wide range of merchants, retailers and business correspondents.The services, called Union Bank Money and Mobile Money Services by Yes Bank, are already available in several regions and will be made available across whole of India by coming quarter.
Mobile Money client will be most likely available on Nokia’s updated Symbian S60^3 and Anna devices along with that it will be available for all Nokia phones including S40 and S30 devices too.
The Mobile money application has been named as “Money”. With introduction of this application consumers will now have an option of subscribing to either Union Bank Money or YES Bank Mobile Money Services from their Nokia devices. The app can be activated at Nokia retail and other outlets, who are also authorized banking correspondents of Yes Bank and/or Union Bank of India.
Mobile Money Client offers the user the following functions:
- Money Transfer
- Bill Payment
- Manage your account by receiving detailed balance info, track all your transactions and status of each transaction.
- Cash withdrawal from any Business Correspondents cash-out outlets and ATMs.
- Top-up you prepaid SIM service
Gary Singh, General Manager, Nokia Mobile Payment Services said
[quote]Mobile Money services eliminate dependence on the physical presence of a branch or availability of internet banking services. Embedding the Money client in the Nokia devices going forward further makes the service ubiquitous and accessible for consumers across categories. We believe our partnerships with Yes Bank and Union Bank of India will help us connect the unbanked population in the country by leveraging the wide reach of our combined networks and the deep penetration of mobile services in the country.[/quote]
The selection of recipient in a send money transaction is directly linked with the phone book thus sending money is as simple as sending an SMS or making a phone call.
Consumers who already own a Nokia phone without the Mobile Money client can simply visit a Nokia Money agent and get the application loaded onto their existing phone. They can also avail the service via text SMS, which doesn’t require the client.