Mumbai's FINO acquires Nokia's mobile payment services in India

Mumbai-based electronics payment provider FINO today announced the acquisition of the prepaid mobile payment business of erstwhile Nokia Mobile Payment Services in India, for an undisclosed sum.

With this acquisition, FINO, which is India's largest business correspondent (BC) and alternative channel for financial services,  plans to enter the vast prepaid mobile payments.

''This is a strategic investment for FINO," says Mr. Rishi Gupta, CFO-FINO. "It will add value to our comprehensive range of financial services products, thereby enhancing shareholders value. This new entity will further enhance FINO's ability to meet the transaction needs of the un-serviced and under-serviced population of the country which offers a big business opportunity in the growing payment space in the country.''

FINO has renamed the acquired business to Alpha Payment Services India Private Limited, which would operate as an independent company, headed by Shweta Aprameya.

To start with, Alpha will focus exclusively on prepaid payment services and will offer services such as money transfers, utility bill payments, mobile and DTH recharges, etc, under the brand Takatak Money. This service would be bank and telecom service provider agnostic and would aim to cater to the requirement of both urban and rural customers.

FINO, which was created by a consortium of banks and other entities in the financial sector, in 2006, has emerged as a leading inventor, innovator and implementer of integrated technology solutions for institutions like banks, microfinance institutions, government entities, insurance companies to enable financial inclusion environment for the micro customers.