Nokia has launched its mobile wallet service, Nokia Money, in India. The new service aims to provide a secure and convenient option for money transactions via mobile phones. The Nokia Money will help make payments without the necessity of having a bank account. Users can make various basic financial payments such as utility bills, mobile top-ups, insurance premiums and train tickets through SMS and without the need for an Internet connection.
To avail Nokia's mobile wallet services, customers need to visit the nearest local authorised Nokia retailer, who can set up the service on their phone. The customer then needs to pay cash to the agent and gets the cash transferred to their phone. “There is a need for alternate financial payment instruments in India and mobile offers the perfect mass platform to deliver these. Transaction costs through banking correspondents is almost a tenth cheaper and for customers using mobile for money transactions the cost are even lower,” said Gary Singh, general manager, Nokia Mobile Payment Services.
Nokia further clarifies its Nokia Money service is independent of network carriers and individual banking networks. The service is available for all handsets in India and works with almost all Nokia phones. For more details, read the official release from Nokia.
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