Nokia has announced the launch of their mobile money managing service named Nokia Money.
The company said that the service would give millions of mobile users in India access to a secure mobile wallet that can be used to make payments without requiring a bank account.
Customers would be able to pay cash to authorized mobile dealers and get that cash transferred to their mobile wallets.
These funds can be used to pay utility bills in addition to regular payments at supported counters across the country.
The company added:
There is a need for alternate financial payment instruments in India and mobile offers the perfect mass platform to deliver these. Transaction costs through banking correspondents is almost a tenth cheaper and for customers using mobile for money transactions the cost are even lower.