By 15/04/2012, the 2
lacs+ subscribers of Nokia Money have to utilize their ‘Nokia Money
balance’, or the same would be deemed as donation to Nokia
Corporation.
3 Possible
Scenarios in the near future: -
- Yes Bank and Union Bank jointly take over this platform.
- Customers migrate to other Mobile Payment Providers. As of now, the other players are Airtel Money or SBI’s MobiCash.
- Customers migrate to other Closed/Semi-Closed Wallet Players
4 partners involved
in this activity:-
Partner 1 – Nokia made
a strategic investment in Obopay ($70 Million) back in 2009 and
launched the service in India quite recently. After a year long pilot
program, the company announced the launch of Nokia Money across India
in December, last year.
Partner 2 – Obopay
Partner 3 – Union Bank
of India
Partner 4 – Yes Bank
-----------
Nokia made a strategic
investment in Obopay ($70 Million) back in 2009 and launched the
service in India quite recently. After a year long pilot program, the
company announced the launch of Nokia Money across India in December,
last year.
6 important dates
in the Nokia Money Timeline:-
- August 27th, 2009: Announced: Nokia Money – Your Mobile will turn into a Wallet
- Feb 15th, 2010: Nokia to Launch Mobile Money in India – In Partnership with Obopay/Yes Bank
- April 30th, 2010: Nokia Mobile Money Project gets approval from RBI
- July 2nd, 2010: Nokia Launches Mobile Money Service in Chandigarh
- December 14th, 2011: Nokia Money goes pan-India.
- April 15th, 2012: Nokia Money laid to rest.
2 quick tips to
utilize your Nokia Money : -
- All transactions – Bill Payment, Prepaid Recharge and DTH Recharge are now FREE of Charge
- Registration amount can be sought via SMS or by calling at the customer care on or before 25th March, 2012
5 motivators for
Nokia to have commenced Nokia Money:-
- The belief that financial services are one of the major business opportunities in the wireless industry.
- An attractive feature of Nokia Life Tools suite.
- An opportunity to lock in customers from migrating to other mobile handsets.
- USP of retaining Nokia Money, even if customers shift their mobile operators.
- Access to interest free short term funds, as no interest is paid on monies parked in the mobile wallets.
