The Mobile cash service permits users to avail of multiple monetary services functions like account management, with detailed balance info, tracking and details of every transaction, payment of bills, cash transfer, money withdrawal from business correspondents cash-out retailers (registered Nokia stores) and automatic teller machines and prepaid SIM top-ups.
Global handset maker Nokia on Monday said it had started embedding the Mobile cash consumer service in all its devices in India. The service is offered not solely on high-end Symbian smartphone devices, however conjointly on Nokia’s Series forty feature phones and Series thirty entry level devices. The service is supported by keyboard devices, bit devices and a mix of the 2.
The Mobile cash service provides access to monetary services to the unbanked and under-banked population through mobile phones, ‘empowering individuals and their businesses’. The service eliminates the necessity for intermediaries. In its functions, the service is integrated with the phone and different phone services. for instance, the choice of the recipient during a send-money transaction is directly integrated with the phone book. Sending cash therefore becomes as easy as sending a message or creating a phone decision. to create the service less complicated, the user-interface is decoupled and separated from knowledge transport. Therefore, the user wouldn't ought to recognize that transport (SMS, GPRS or wifi) is in use throughout the transaction.
People with Nokia phones while not the Mobile cash consumer, will merely visit a Nokia cash agent and obtain the appliance loaded on to their phones. they will conjointly use the service through text messages, that don't need a consumer.
Nokia is building an open ecosystem for mobile payments in India and also the Nokia cash mobile monetary services initiative is already being implemented through partnerships with Union Bank of India, YES Bank, Obopay and a good vary of merchants, retailers and business correspondents. The services—Union Bank cash and YES Bank's Mobile cash Services—are on the market in many regions and would be rolled out across India within the coming back quarters.
Consumers would have the choice of selecting and subscribing to either Union Bank cash or YES Bank Mobile cash Services from their Nokia devices. The service are often activated at Nokia shops, moreover as retailers that are authorised banking correspondents of YES Bank and/or Union Bank of India. Gary Singh, general manager, Nokia Mobile Payment Services, said, “At Nokia, it's been our constant endeavour to democratise experiences, merchandise and platforms for customers. Mobile cash services eliminate the dependence on the physical presence of a branch or the provision of net banking services. Embedding the money consumer in Nokia devices more makes the service ubiquitous and accessible for customers across classes.”
Source:http://www.business-standard.com/india/news/nokia-introduces-mobile-moneyall-devices/440692/
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