It is quite surprising that while several established banks and marketing companies offer a raft of services, most are not actively looking to cash in on an important, and soon to be vital, part of any business: the ability to make and accept mobile payments. Mobile payments are now becoming an increasingly vital tool in a business’ armoury. It is projected that mobile payments are going to replace plastic, or even hard currency, as the primary medium of monetary exchange in the next five years. This particular method is poised to change the way consumers buy goods and services.
Quite a few banks have their payment apps for smartphones, however, in a country like in India where feature phones are still majority, the concept of apps will not work for the masses. Several payment solution providers are seeking to address this problem. Nokia, the manufacturer of some of the most widely used mobile phones in the country, is also seeking to address the issue with its recently launched its mobile payment service, Nokia Money. The Nokia Money works with feature phones and allows most basic monetary transactions ranging from mobile top-ups to ticket booking, without the necessity of having a bank account.
Nokia’s mobile wallet service is aimed at rural India, where most of the people do not have a bank account or don’t own a smartphone, personal computer or credit/debit cards. Nokia also aims to simplify lives of people by giving them a secure and convenient method of paying their utility bills. Prior to the launch, Nokia had conducted a successful field test for about a year in areas such as Pune, Nashik and Chandigarh. The company partnered with YES Bank and Union Bank of India to provide the service.
Nokia Money: Key points:
To avail Nokia Money, you need not have a bank account.
Nokia Money is independent of network carriers and individual banking networks.
The service works without any kind of KYC documentation.
Nokia Money works with almost every Nokia phone. The feature comes pre-installed in various Nokia phones including Nokia 100, and 101.
You do not need set up an Internet connection to run this service. However, while registering for the service, you can opt between SMS and Internet. This way you have the flexibility of using the service even on an Internet data plan. You can also use Nokia Money via GPRS.
You have an option of choosing/subscribing to either Union Bank Money or YES Bank Mobile Money Services.
Nokia Money can be used for varied functions, such as topping up mobile account of family members.
Nokia Money is reportedly being tested using NFC devices and NFC chips. We can expect Nokia Money to run on NFC in near future.
It is not clear whether this service can be used on handsets manufactured by other manufacturers or not, though watblog.com says Nokia Money works on all handsets.
Quite a few banks have their payment apps for smartphones, however, in a country like in India where feature phones are still majority, the concept of apps will not work for the masses. Several payment solution providers are seeking to address this problem. Nokia, the manufacturer of some of the most widely used mobile phones in the country, is also seeking to address the issue with its recently launched its mobile payment service, Nokia Money. The Nokia Money works with feature phones and allows most basic monetary transactions ranging from mobile top-ups to ticket booking, without the necessity of having a bank account.
Nokia’s mobile wallet service is aimed at rural India, where most of the people do not have a bank account or don’t own a smartphone, personal computer or credit/debit cards. Nokia also aims to simplify lives of people by giving them a secure and convenient method of paying their utility bills. Prior to the launch, Nokia had conducted a successful field test for about a year in areas such as Pune, Nashik and Chandigarh. The company partnered with YES Bank and Union Bank of India to provide the service.
Nokia Money: Key points:
To avail Nokia Money, you need not have a bank account.
Nokia Money is independent of network carriers and individual banking networks.
The service works without any kind of KYC documentation.
Nokia Money works with almost every Nokia phone. The feature comes pre-installed in various Nokia phones including Nokia 100, and 101.
You do not need set up an Internet connection to run this service. However, while registering for the service, you can opt between SMS and Internet. This way you have the flexibility of using the service even on an Internet data plan. You can also use Nokia Money via GPRS.
You have an option of choosing/subscribing to either Union Bank Money or YES Bank Mobile Money Services.
Nokia Money can be used for varied functions, such as topping up mobile account of family members.
Nokia Money is reportedly being tested using NFC devices and NFC chips. We can expect Nokia Money to run on NFC in near future.
It is not clear whether this service can be used on handsets manufactured by other manufacturers or not, though watblog.com says Nokia Money works on all handsets.
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