Nokia enters mobile wallet service

MUMBAI: Nokia India today launched its own standalone mobile wallet service to provide a secure and convenient alternative to cash on a mass scale to cellphone customers.

Called Nokia Money, it is expected to offer a wide spectrum of mobile payment services to consumers who have a cellphone and want the convenience of making basic financial payments such as utility bills, top-ups, insurance premiums and tickets among others, without getting into the hassle of having access to a bank account or the Internet.

"There is a need for alternative financial payment instruments and the mobile handset offers a perfect mass platform to deliver these. Transaction costs on mobile devices are significantly lower. We bring multiple offerings and are developing an open ecosystem to deliver mobile money services to users depending on their need," Nokia Mobile Payment Services General Manager Gary Singh said here.

Customers will have to approach their local Nokia retail store offering this service to undergo a simple registration process, pay cash to load digital cash on to the wallet. The digital cash can then be used for making payments through an SMS.

As per RBI guidelines, this service doesn't require 'know your customer' or KYC documentation, since it is a closed wallet.

Nokia Money is independent of any mobile operator or individual banking network. Nokia has begun pre-loading the application on a wide range of Nokia mobile handsets across price points.