February 16, 2010

Transfer money through your Nokia mobile!

Nokia has announced the launch of the world’s first money transfer platform through mobiles in India which is amongst the fasting growing handset market in the world.

A pilot project has been launched in partnership with Yes Bank and Obopay, which runs mobile payments platform in Pune. Titled as Mobile Money, the service will enable a customer to transfer money to other individuals, pay utility bills as well as recharge pre-paid SIM cards by using their mobile devices. The service will also be available on non-Nokia handsets. It will also allow the customers to pay merchants for goods and services through their mobile devices. This will be enabled through various channels like SMS, IVR, WAP, JAVA and FIRE.Such a service eliminates the dependence on the physical presence of a branch or availability of internet banking services and will successfully ride on the deeper penetration of mobile services in India.

India offers immense opportunities for such technological innovations as the country has more mobile phone users (500 million approx) than bank account holders (200 million approx).

How successful do you think such a service will be?

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