NOKIA has launched its global financial services initiatives, with its pilot plan starting in Pune, India and to be rolled out in rest of the cities in a few months. The announcement came at World Mobile Congress 2010 in Barcelona, Spain.
Nokia has teamed up with YES Bank to introduce Nokia money services in one of the largest Metropolitan in India- Pune. The service will enable the people to transfer money by simply using their mobile phone number. They will also be enabled to pay mobile bills, recharge SIM cards with top-ups and pay for the goods and services that user avails.
Nokia plans to roll out Nokia money in 20 countries in its first phase, and India is one of them. Teppo Pavola, the global head of Nokia Money, when asked about regulatory challenges in India, answered-
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.
Earlier, economic times reported that Nokia is in conversation with six Banks for cash management and handling Banking regulatory issues, to start its pilot service. Now it has YES Bank as its partner to bring global financial mobile banking services in India. The present internet banking facility is limited to a single bank and operator.
To find out more, check out the Video featuring an interview with Nokia’s Director for Alliances, Gerhard Romen-