Nokia has launched its Nokia Money, a prepaid mobile wallet service in India. The service allows customers to use their mobile phones as a wallet that can be used to make payments, without actually requiring a bank account. This new service provides a secure and convenient option for money transactions via mobile phones.
As there are more Nokia dealers in country than Bankers and these dealers has greater reach in urban and rural areas, Nokia plans to make these dealers a Nokia Money agent. For activating this service, users will have to go to nearest Nokia retailer to set up service on their handset. Users have to make cash payment to dealer and than dealer transfer digital cash to users cell phone. Make sure that dealer transfer that money to your mobile phone, to make this easier Nokia send a confirmation SMS with details about payment and service.
Nokia users can make various type of financial payments such as mobile top-ups, train tickets, utility bills, insurance premiums through SMS. There is no need to have an Internet connection or GPRS enabled phone for using this service. This service is independent of network carriers and individual banking networks. The service is available for all handsets in India and works with almost all Nokia phones.
To make this service secure and hassle free Nokia tie-ups with banks like Yes Bank and Union Bank of India. All transactions will be handled by Nokia and these banks. This is just a start of mobile wallet service in India and if this service succeed to gain mass exposure than Nokia and other companies will launch more feature rich services.