The official press release says that across rural India, there has been a great need for such service. At present, only 10 per cent of India’s 600,000+ villages currently have access to a bank, leading to considerable insecurity and inconvenience.
There are considerably more Nokia dealers than there are bankers in the country. Enabling them to also act as Nokia money agents, able to top up funds on your phone, will mean that considerably more people can have access to simple financial services that were previously unobtainable.
To avail the Nokia Money people need to go to their local authorized Nokia retailer, who can set up the service on their phone, then the customer pays cash to the agent and has the digital cash transferred to their phone in an instant SMS message. Their mobile can then be used to securely settle utility bills, phone top-ups, insurance premiums and tickets among other payments.
Speaking on the launch, Gary Singh, General Manager said, “Nokia Mobile Payment Services “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 are almost a tenth cheaper and for customers using mobile for money transactions the cost are even lower”.