Nokia Corp. plans to team up with Mumbai-based Yes Bank to plot Nokia Money, a mobile-commerce platform, in India, a Bangalore-based official at the Finnish Handset Maker tells PaymentsSource.
The service will debut in the Indian city of Pune and be called Mobile Money Services by Yes Bank, according to the official,
The project initially will involve funds transfers between individuals using the recipient’s mobile-phone number, the official says. “They will also be able to pay utility bills and top up mobile SIM cards,” he says. “At a later stage we will also allow payments for the purchase of goods and services.”
Nokia also will conduct the pilot with U.S.-based Obopay. Nokia invested about US$70 million last year in the mobile-payment service provider, according to the official.
The mobile market in India is still growing, notes Mrinalini Manral, an analyst with Mumbai-based firm Dassler Business Intelligence, tells PaymentsSource. “We only have daily transaction volumes of 7 to 10 million rupees in India,” she says. “This Nokia pilot should give us more insight into a market which until now is looking” stagnant.
