Nokia to exit Indian mobile money service


by CBR Staff Writer| 13 March 2012

Plans to focus on core handset manufacturing business

Nokia is planning to close down its mobile money services worldwide including the financial service run by the company in India, Nokia Money.

The move by the company is a part of its plan to concentrate only on the company's core handset manufacturing business and location-based services and shed the non core business.

The Indian money service was unveiled in 2010 in collaboration with Yes Bank and Union Bank.

Nokia Money users will be officially informed of the shutdown of the service post March 15, though the respective banks are expected to take over operation from Nokia.

Nokia will continue the service for three to four months to allow subscribers to spend the remaining money in the accounts before its shutdown.

Nokia Money enables customers with services including making bill payments, paying of utility and other bills, balance inquiry and recharge of prepaid accounts.

Currently, around 1.2 million subscribers are using Nokia mobile wallet service in India.

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