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Nokia Money, the mobile wallet service from the Finish telecommunications company, will now be available across the country.
Through the Nokia Money platform, a host of financial transactions such as payments for utility bills, tickets, top-ups and insurance premiums can be conducted on the mobile phone itself.
An e-wallet is like a physical wallet that enables users to make electronic transactions without cash. This service would primarily cater to the un-banked and under-banked masses by giving them access to financial services through their mobile phones.
“There is a need for alternative financial payment instruments in India and the mobile handset offers a perfect mass platform to deliver these. Transaction costs on mobile devices are significantly lower,” said Mr Gary Singh, General Manager, Mobile Payment Services.
In order to activate this service, consumers have to go through a registration process at designated outlets and pay cash to load the wallet, according to a press statement.
Earlier this year, Nokia had announced it will embed the mobile wallet application across all its handsets going ahead, a move aimed at driving financial inclusion through mobile devices. It may be recalled that Nokia was among the first to start mobile payment services in India with pilot projects in Pune, Chandigarh and Nashik in 2010.
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