Nokia launches mobile money transfer platform

Nokia, the global leader in the mobile handset industry, on Monday announced the launch of the world’s first money transfer platform
through mobiles in India as it enjoys the market leader’s hip and a wide distribution network in the world’s one of the fasting growing handset market.

Niklas Savander, executive vice-president, services at Nokia, told a press conference that the pilot project has been launched in Pune last week in partnership with Yes Bank and Obopay, which runs mobile payments platform. He, however, did not divulge the time of the commercial launch of the project.

Nearly 30 handset makers are battling it out in India’s telecom handset market. Brands like Nokia, Samsung, LG, Sony Ericson and Blackberry dominate 85-90% of the Rs 20,000-crore market. Nokia is the leader by far with a 57% share while Samsung is the distant second with an 8% share. LG is ranked third with a 5% share.

Christened as Mobile Money, the service will enable a customer to transfer money to other individuals, pay utility bills as well as recharge pre-paid SIM cards by using their mobile devices. The service will also be available on non-Nokia handsets.

Consumers will also be able to pay merchants for goods and services through their mobile devices. This is a first-of-its-kind service providing customers the ability to initiate mobile payments through multiple channels such as SMS, IVR, WAP, JAVA and FIRE.