Nokia Money launch in India:

The Finnish mobile maker Nokia will launch its new product, the Nokia Money in India. The Nokia money is an alternative source for a banking account which can be used to pay or maintain money in a much safer mode.

Nokia Money mainly for rural population :

Though online mobile transactions of money and internet banking has spiced up to a greater extent in urban and semi-urban localities in India, the rural population of India mainly consisting of vendors, farmers and other low level workers doesn't hold bank accounts. These people still maintain their money in the form of cash which leads to insecurity.

Moreover, these people do not have easy access towards nationalized or multinational banks which concentrate more on urban and semi-urban population. In order to bridge the gap between the need for a safer money management method, especially for the rural population, Nokia will be launching its Nokia Money in India.

Who will be the agents for Nokia Money ?

Nokia heavily relies on its priority dealers and authorized dealerships across India to establish a reliable and safe chain of money management system for the rural population. Compared to banks, Nokia dealers are more in the country. These Nokia dealers will act as Nokia Money agents. This enables more people to access simple financial services which were provided only through banks.

How to activate and use Nokia money service ?

To activate the Nokia Money service, all that people need to do is to got to the nearest authorized Nokia dealer (who will be the Nokia Money agent for that particular locality), who will set up the Nokia Money service in their mobile phone in a few easy steps.

Once the service is activated, people can pay cash in the counter and get it transferred back to their mobile in the form of digital cash.

What is Nokia Mobile payment service used for ?

The amount of money paid will be transferred in the form of SMS. The digital cash in your mobile phone can be used to pay insurance premiums, ticketing for public transportation vehicles, paying utility bills etc.

The Nokia Money service is independent of the network service providers and hence only the mobile brand is important.

General Manager of Nokia Mobile Payment Services Mr Gary Singh has quoted in the official website of Nokia that payments or transactions through the Nokia Money service will be lesser than that of the online and mobile banking transactions.