Nokia Money Services Will No More Exist In India: What Is The Company’s Possession?

Must Read

LinkedIn Finally Rolls Out The Most Requested Feature By Users

Microsoft owned LinkedIn has recently been reported to have revamped its profile section with an amazing feature...

Facebook Without Mark Zuckerberg And Sheryl Sandberg?

Imagine Facebook without Mark Zuckerberg and Sheryl Sandberg, the current CEO and COO of the world's largest...

Google is Giving Microsoft a Taste of its Own Medicine

The latest version of the Microsoft Edge browser was launched about a month ago for Windows 10,...
Abhishek Singhhttp://dazeinfo.com
An Engineering Graduate, Fervent Industry Analyst, passionate about mobile, innovative technologies and Entrepreneurship.

Nokia started its financial services in India with the collaboration of Yes Bank and Union Bank in 2010. There are around 1.2 million consumers who is using Nokia mobile wallet services, while around 0.2 million subscribers are leveraging of Nokia Money services in India. “Nokia Money” is offering services such as paying of utility and bills, recharging of pre-paid products, balance inquiry, and other more services across the country. Reuters has reportedly stated that Nokia is planning to shut down its mobile payment services “Nokia Money” in India. The company is now trying to pay more attention on its handset business and services related to locations. However, the company’s spokesperson said, “The mobile financial services business is not core to Nokia, so we plan to exit the business.” But, the statement of the company’s spokesperson contradicts to the bolsters structure of “Nokia Money” establishment in India. Last year, the company clearly intended to roll out its financial business to some other emerging market, now, it is denying to contend the reality. I don’t know why the company is pushing its Nokia Money services on the track for further expansion in India.

In 2009, Nokia Money services were introduced in India by Nokia–which allows users to send money to relatives, friends, merchants, and service oriented companies just by using their mobile phone numbers. The service was showcased by the company at Nokia World conference in early September of 2009, however, it was roll out to regional market in 2010.

Nokia Money services were powered by “Obopay”—in which Nokia was dominant investor. Nokia Money was succeeded to lure a huge number of folks in emerging markets. The services made runaway success around, users have had pre-paid SIM rather than Bank account. The services played vital role especially in rural regions where good banking facilities were not available and “Nokia Money” emerged as an alternative media to pay for tangible and non-tangible need without using cash.

Advertisements

The demand of mobile payment market is increasing with dizzying pace worldwide. Credit card companies, mobile operators, and even techno- giant companies such as Google and PayPal are also interested to deploy mobile payment system. As the Smartphone has become prevalent gadget worldwide, it’s expected that the mobile payment market could potentially be a big business in upcoming years. A data from GSMA reveals that 130 deployment are currently providing mobile money services worldwide and 93 are planning to deploy the services later this year or next year.

There’s a big question why the company has planned to debar the further expansion of “Nokia Money”’ in India? Stephen Elop hold the helm of Nokia last year, and thereafter, he steered the sail according to his way. Stephen’s took first decision after being CEO was to discontinue Nokia’s own Symbian OS platform and started to work with Microsoft Windows Phone. I think “Nokia money” is not the only service which has been threatened by new CEO, but the company has already announced earlier this month closing up its OVi share services– where users contents were hosted by the company online.  Presently, the company has only spared to its “Nokia Life”, which provides information related to agriculture, healthcare, education, and entertainment fro emerging markets.

It’s not the way for proper running of Smartphone to impasse all the services and business of the company. However, the company’s CEO decision seems crap. Anyway, the company has planned to launch its Windows 8 based Tablet in Q4 of this year, and the company might become Windows largest hardware manufacturer.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Advertisements

Latest News

Apple, TikTok Hiding Something That Could Be The Cause Of Concern?

Apple and TikTok have reportedly denied testifying at a congressional hearing in March concerning their ties and...

This E-Commerce Underdog Is Challenging Biggies Such As Amazon And Flipkart In India

The eCommerce market in India is flourishing like before. All thanks for exploded adoption of Internet and Smartphone. Amazon and Flipkart are...

Is Amazon Hand In Glove With Fraudulent Delivery Partners in India?

Amazon.com, Inc. (NASDAQ:AMZN) is a global tech behemoth largely driven by the growth of its eCommerce business. They have long boasted about...

Warren Buffett Acquires An iPhone, And It’s Huge Technological Upgrade For Him!

Yes, you read it right; Warren Buffett has acquired an iPhone, finally! One of the world's richest people on...

PayPal To Throw Their Hat In The Ring For UPI Payments Service In India

It was more than two years ago wherein Paypal, the global digital payments giant decided to launch its operations in India in...

Microsoft B2B Startup Program: $10 Million For 100 SaaS Based Startups In India!

A new first of its kind Microsoft B2B startup program to help SaaS-based startup is announced today. Microsoft Corporation...

In-Depth: Dprime

YouTube Should Have Bid Adieu To Dislike Button Much Earlier?

Online video sharing platform YouTube can be a ruthless place for content creators targeted by 'dislike mobs'. And the site owners totally understand that...

Facebook Has Pulled Off A Masterstroke By Integrating Its ‘Family Of Apps’?

It’s indeed hard to believe that ONE man sitting at Menlo Park, oversees how nearly a third of the world’s population interacts with each...

Facebook’s Crunch Conquest: By Relying Largely On The US Market, Is Facebook Running a Risk?

Two billion! That's Facebook, Inc. (NASDAQ: FB) for you - Right when you thought that this social-media giant has already connected the entire world, it's...

More Articles Like This