Nokia Ties With Union Bank Of India, Launch Mobile Payments Services

Nokia has come up with a partnership with Union Bank of India and have launched mobile payment services. It is mainly targeting all those people who don't have proper banking facilities. With this service, consumers can easily take out cash at ATMs (automated teller machines), transfer money at selected retail stores as well as to transfer to other people. Nokia even said that their customers can pay utility bills and recharge pre-paid mobile connections through this facility. Through this "Union Bank Money powered by Nokia" service, many millions of Indian people are given the banking service facility by Union Bank and Nokia. Nokia will also be targeting about 10 million Indian people spread over 32,000 villages by 2013 to use this mobile banking facility. First, it will be rolled out in suburbs of Delhi, mainly Gurgaon, and then all across India in the coming few months. Interestingly, all those who don’t even have a Nokia phone can also transfer money, as the company have done it so. The service from Nokia and Union Bank is based on the Obopay mobile payment platform. The service comes as independent of the mobile operators. Customers can create an account at a correspondent outlet, and then install the banking application on their phone. Thereafter, through SMS or Short Message Service facility, users will be able to receive money or transfer funds. However, the respective mobile number will be used as the unique identifier by the bank. And also each customer will be charged a certain transaction fee. SOPURCE:http://www.india-server.com/news/nokia-ties-with-union-bank-of-india-39217.html