Nokia the leading mobile phone maker announced the launch of Nokia Money the mobile Payment services enabling consumers to pay through direct from their Nokia mobile phones in India. To offer the Mobile Payment service the company tie-up with Yes Bank. The Nokia Money Services will allow mobile phone users to transfer money to another person by using the person's mobile phone number and also top up the prepaid card or pay utility bills.
As a commercial pilot project initially the services will be launched in Pune (Maharashtra) and will also be available through Nokia’s retail network. Transactions can be done over SMS, IVR, WAP, JAVA and FIRE. The service will be offered over a Mobile Payment platform developed by Obopay which is already partnering Yes bank.
According to the Gerhard Romen, Director for Alliances, “Nokia Money is being tested in India because it has 1.2 billion people and over 500 million mobile subscribers. For many of those users, their mobile phone is their only link to the Internet because they do not have PCs, he said. People who don't have credit or debit cards will now be able to transact on line with the new service”.