Nokia is on its way to explore tie-ups with more banks for the expansion of its Mobile Money service. It is worth mentioning here that of the total population in the country, over 500 million people have no or limited access to banking services. On the other hand, with over 800 million subscribers, the mobile phone penetration has crossed the 65 per cent mark. Therefore, the mobile phone can provide a key platform for financial services with unparalleled reach.
In an effort towards driving financial inclusion through mobility, Nokia has started to embed the Mobile Money client on all the Nokia devices in India. According to the credible sources, Nokia has started shipping mobile phones in the country that are pre-loaded with the mobile money service.
This service can be availed by any Nokia handset user. The first Nokia handset with a pre-installed Mobile Money client is Nokia dual SIM X1-01. This is the most recently launched phone from the company and retails around Rs 2000.
Nokia chose Yes Bank and Union Bank of India for partnerships for this service. Reserve Bank of India has a made a provision for appointment of “banking correspondents” in the remote locations of the country where there are no banks.
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