Mobile Banking is the future of financial transactions going forward – With over 800 million Indian users carrying mobile phones, it becomes an ubiquitous platform to push financial inclusion across the masses. It is expected that Mobile Banking will be USD 350 Billion Industry by 2015.
In last couple of years, there have been quite a few announcements by Banks as well as mobile companies who have started offering mobile banking services. In 2009 itself close to 45 million Indians were using Mobiles to carry out various transactions.
To cash in on this growth, Nokia yesterday announced launch of its Nokia Money service across India. Nokia Money already has tie-ups with Yes Bank and UBI and have been operating in various parts of country. However, the new Nokia money service will be complementary to it and will offer people a secure mobile wallet for their money that can be used to make payments without the necessity of having a bank account.
This service will be especially useful for people in rural areas, where they do not have easy access to traditional banks – However, Mobiles dealers being accessible everywhere (where you do mobile recharge) can act as Nokia money agents, where users can top up funds on your phone or Mobile wallet. This will enable millions of people to have access to simple financial services that were previously out of their reach.
Funds in Mobile wallet can then be used for making secure payments for variety of services including utility bills, phone top-ups, insurance premiums and tickets among other payments.
According to the Nokia announcement, this new Nokia Money service will independent of any particular mobile network, so extending its reach to many previously ‘underbanked’ customers.
Existing customers of Nokia Money service can also upgrade to these services, allowing person-to-person money transfers and cash-withdrawals, financial services which have more stringent regulations than the e-wallet provided by Nokia Money.
Like I mentioned at the start – Mobile Banking is the future and we may witness many more such services launching in coming months and years. I also expect that NFC technology will play a huge role in growth of Mobile wallet services going forward.
Mobile Wallet may actually go on to replace your real wallet – What’s your take?
Nokia Money is a free service that aims at reducing the problems and risks involved with carrying cash with one self. The customer need not carry any cash but he can carry as much money (up to Rs. 50,000/-) in his mobile phone as he desires. For further information on Nokia Money service, please get in touch with your nearest Nokia Retailer or contact Nokia Care at 1800 3000 1122. Mr. Ashish Soni (+91-7838597774). Contact at – [email protected]
Which payment gateway do you recommend for Android and IOS apps in India where set up fee is low or waived and TDR less than 5%
hi, i am narendra ,
some guys making fraud to get money with his nokia money account , i am posting this here because next one you may be their haunt , first they know your need than they talk with you about the desire you have to get. they will tell you that they are this ( any company may be) company executive and before getting your product (or whatever you need ) you have to deposit money on the particular given mobile no. .
i am victim of this ,a no. in the name of bablu and no. is 09953721511 . this guys told me to send some massage oil and for that he ask 10,000/- but i said i don’t have this much amount this time with me. he said that please deposit some money in advance and we’ll send you products and than you pay balance money. i do that and after that he started not to pick my phone.
so this facility is really good but please first verify that this guy to whom you are making payment are genuine or fraud.
it is better to rely on technology.Technology in money transfer is also very important these days as everyone need service instantly.
This is a nice initiative by Nokia but if the banks also start thinking about it and keep developing banking application for mobile like an icici iphone app which allows the customer to transfer money to others account , check balance, and other basic functions which are done in day to day life.