Nokia launches Mobile Money app

Finnish handset maker, Nokia on Monday said it will embed its Mobile Money application in all its handsets including the high-end Symbian phones as well as entry level Series 40 and Series 30 devices.

The company, which leads the Indian handset market with 39 per cent share, is aiming to drive financial inclusion through the move.

Nokia's Mobile Money application can be used to do a various transactions like bill payment, money transfer, prepaid SIM top-up, account management and cash withdrawal from cash-out outlets (registered Nokia stores) and ATMs.

The initiative is already being implemented in India through partnerships with Union Bank of India (UBI), Yes Bank, Obopay and a wide range of merchants, retailers and business correspondents, said Gary Singh, general manager, mobile payment services, Nokia.

Customers can choose and subscribe to either Union Bank Money or YES Bank Mobile Money Services from their Nokia devices for carrying out the transactions.

Both these services are already available in several regions and will be rolled out pan-India in the forthcoming quarters, the company said.

Earlier, telecom operator Bharti Airtel had also launched its mobile wallet service, Airtel Money, which could be used to purchase groceries, pay bills and other dues. (See: Airtel says go mobile with payments)