“Nokia had launched mobile money in 2010 through a partnership with YES Bank. Subsequently, it signed up with Union Bank to offer services such as bill payments and money transfer.
It had also launched the service independently under the Nokia Money brand which has about 2 lakh subscribers. In total, there are about 1.2 million subscribers using the Nokia service across all three platforms. Apart from India, Nokia had launched the service, based on Obopay’s mobile payment platform, in other countries, including Pakistan.
The immediate impact will be on the two lakh Nokia Money subscribers. According to sources, information to these subscribers to use up the money deposited in the mobile money account will be sent starting March 15.
Nokia will continue the service for 3-4 months to give enough time for subscribers to use up the money.”
Nokia has decided to close down its mobile money financial service in India. The move is in line with the company’s global strategy to move out of non-core areas and to focus on its mobile phone business with the aim of connecting the “Next Billion” people to the internet in developing countries.