Banking transactions via mobile phones is being very common day by day and in future all banking transactions will be probably made on mobile phones. Service providers and phone manufactures are slowly, yet progressively being prepared for this possibility. It is expected that mobile payments will become the primary medium for fiscal exchange in the next 5 years.
Some banks contain their payment apps for smartphones, but in some nations like India, the notion of apps cannot work for the masses as there is not still a majority of having smartphones. Nokia, the most extensively used mobile phones’ producer of the country, is looking for deal with this problem through its recently introduced mobile payment service, Nokia Money. The Nokia Money is intended for using with feature phones and it will enable you to do most basic fiscal transactions ranging from ticket booking to mobile top-ups, without the requirement of a bank account.
This mobile wallet service of Nokia is intended for rural India, where majority of people don’t own a Smartphone and don’t have a bank account or debit/credit cards or PC. As well, Nokia aspires to make lives of people simpler by providing them a safe, secure, convenient and comprehensible method to pay their utility bills. Nokia has done a partnership with Union Bank of India and YES Bank to offer the service. Before the launch, the company had carried out a successful field test for approximately a year in areas like Chandigarh, Nasik and Pune.
- Nokia Money is not reliant on individual banking networks and network carriers.
- There is no requirement of having a bank account to avail Nokia Money.
- It works without any sort of Know-Your-Client (KYC) documentation.
- Keeps record of your balance, payments and expenses, and give alerts immediately when you receive money.
- Helps you to transfer or exchange money directly from yourNokia device to the destination.
- Keeps you protected from loss and decrease the risk of theft when carrying money in pocket.
- Permits you to send money or pay bills without any need of complicated journey to a branch.
- It works over SMS/3G/GPRS and Wi-Fi as well permits for 0 balance providing flexibility to the users.
- There is no necessity of setting up an Internet connection to get this service. Though, you can choose among Internet and SMS when registering for the service. Thus, you will get the suppleness of using the service even on an Internet data plan. You will be also able to use Nokia Money by using GPRS.
- It asks you to provide your PIN code while you are using a Nokia Money feature to make sure that your transaction is safe & protected.
- It provides the options for you to choose/subscribe for either YES Bank or Union Bank Mobile Money Services if you are looking for person to person transfers and merchant payments.
- Nokia Money is available with nearly all Nokia devices and it also comes pre-installed in certain Nokia devices including Nokia 100 and 101.
- This feature can be used for various functions, for instance – refilling mobile account of family members.
- Reportedly, Nokia Money is being tested by using NFC gadgets and NFC chips. It is expected that Nokia Money will be running on NFC in near future.
- However, it is not apparent that either this service will run on devices manufactured by other manufacturers or not.