Nokia said Monday it will run a commercial pilot of its Nokia Money mobile financial service under an agreement with India's Yes Bank.
Yes Bank's Mobile Money Services will allow mobile users to transfer money to another person by using the person's mobile phone number and also pay utility bills, Nokia said on its Nokia Conversations blog (http://conversations.nokia.com/2010/02/15/nokia-money-pilot-begins-in-india-video/). The service is being tested in the city of Pune in western India.
Mobile payment systems are already in place in India from financial institutions such as Citibank and some local Indian banks.
Nokia Money is being tested in India because it has 1.2 billion people and over 500 million mobile subscribers, said Gerhard Romen, Nokia's director for alliances. For many of those users, their mobile phone is their only link to the Internet because they do not have PCs, he said. People who don't have credit or debit cards will now be able to transact online with the new service, he said.
Nokia introduced Nokia Money in August as a new mobile financial service. The service is based on the mobile payment platform from Obopay, a company in which Nokia invested in last year.