Advertisement


Advertisement

Thread Rating:
  • 5 Vote(s) - 2.2 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Nokia plans to launch m-banking services
Advertisement
#1
Despite a tough regulatory environment for mobile banking in India, Nokia expects to soon roll out its financial and banking services in the country under the banner of ‘Nokia Money’. The world’s largest mobile phone company has initiated talks with six banks in India who will be responsible for cash management and handling banking regulatory issues.As per Nokia’s strategy, it plans to tap its huge network of 1.9 lakh phone retailers and dealers who will act as the consumer point and banking correspondents.

Nokia will offer an universal platform where the mobile phone can be a medium for banking, international remittance, payment of utility bills, pay merchants for goods and services and buying tickets. “India figures amongst the top 20 countries where we plan to roll out Nokia Money in the first phase. While at present Indian banks may have a mobile banking platform, it is limited to a single bank and telecom operator. What we plan to offer is a full-fledged service which will bring together all banks, operators and even handsets of other brands,” said Teppo Paavola, global head of Nokia Money service.Talking about the regulatory challenges in India, Mr Paavola said the key issue will be to turn the Nokia retailers into Nokia Money agent.

“The regulations are real tough in India compared to Philippines and Kenya. As RBI has a know your customer policy for banks, this could act as a limitation for the Nokia agents. Hence, we are talking to the banks in India who will work around the regulatory issues, bring the licenses and undertake cash management,” said Mr Paavola.

Still, Nokia expects its service will be a huge success in India due to its vast dealer network from where consumers can deposit money or withdraw cash.

“As it is quite an expensive proposition to set up branches or ATM in India, Nokia Money will act as an extension of a bank’s branch. The success will lie in the fact that the service needs to work in all handsets, it should be as simple and convenient as making a voice call or sending SMS and have a very low transaction fee. We are working towards developing such a model in India,” said Mr Paavola.

Nokia expects to globally debut its first Nokia Money service early next year. Market surveys indicate the global mobile financial services market will reach Euro 18 billion by 2014, of which emerging markets alone are likely to contribute Euro 12 billion. “The potential is huge in India due to the high population of under-banked and unbanked people,” Mr Paavola said.

Reply
Thanks given by:
Advertisement
Advertisement




Possibly Related Threads…
Thread Author Replies Views Last Post
  General News: Infinix Note 7 to launch in India with 48MP camera and MediaTek Helio G70 SoC nairrk 0 209 09-04-2020, 10:19 AM
Last Post: nairrk
  General News: Reliance Jio not to launch any smartphone nairrk 0 338 06-25-2020, 07:52 AM
Last Post: nairrk
  General News: Nokia 4.2 with notch display, dual cameras launched in India: Price, specifications.. nairrk 0 525 05-07-2019, 01:50 PM
Last Post: nairrk
  General News: Airtel boosts its digital content portfolio with launch of ‘Airtel Books’ nairrk 0 638 04-03-2019, 02:18 PM
Last Post: nairrk
  General News: Nokia 7.1 Android One smartphone launched in India, priced at Rs 19,999 nairrk 0 1,057 11-30-2018, 03:12 PM
Last Post: nairrk
  General News: HMD Global unveils Nokia 106 feature phone, 2 color variants for Nokia 230 nairrk 0 627 11-15-2018, 08:49 AM
Last Post: nairrk
  General News: Nokia 5.1 Plus launched in India: Price, Specifications, Availability and more nairrk 0 701 09-24-2018, 02:56 PM
Last Post: nairrk
  General News: Comio to launch a new smartphone with a 5.5-inch FullView display in India by July nairrk 1 790 09-14-2018, 07:28 PM
Last Post: bhavin
  General News: Nokia 5.1, Nokia 3.1 with 3GB RAM and Nokia 2.1 launched in India nairrk 0 631 08-09-2018, 06:33 PM
Last Post: nairrk
  Update: Jio vs Vodafone vs Airtel vs BSNL: Prepaid plans under Rs 200 with 1.5GB data.. nairrk 0 658 07-16-2018, 12:16 PM
Last Post: nairrk

Forum Jump:


Users browsing this thread: 1 Guest(s)
Advertisement