Nokia and Union Bank of India roll out Mobile Payment Services

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Nokia and Union Bank of India roll out Mobile Payment Services

Union bank of India along with Nokia has announced the commercial launch of "Union Bank Money powered by Nokia". This service specifically targets users who do not have a bank account, by providing access to financial services through their mobile phones and driving financial inclusion. The service will enable customers to transfer money to other individuals, withdraw cash from Business Correspondents cash-out outlets (registered Nokia stores) and ATMs, pay utility bills as well as recharge prepaid SIM cards by using their mobile devices, eliminating the need for intermediaries.

M. V. Nair, Chairman & Managing Director, Union Bank of India, said, " We strongly believe Union Bank Money will augment financial inclusion amongst the unbanked and under-banked consumer segments by bringing financial services through the mobile device. Technology is a great enabler for banking services and our partnership with Nokia will help us offer 'Anytime Anywhere' financial services to consumers across the country."

"Nokia is building an open ecosystem for mobile payments in India with multiple partners (banks, merchants, billers, service providers), to drive basic financial services across the country. Our partnership with UBI will help connect the unbanked population in the country by leveraging the wide reach of our combined networks and the deep penetration of mobile services in the country. The service will drive financial inclusion by eliminating dependence on the physical presence of a branch or availability of Internet banking services," said D. Shivakumar, Vice-President & Managing, Director, Nokia India.

Nokia's retail outlets will serve as Business Correspondent agents for Union Bank Money services, in compliance with the RBI guidelines.

For More Details See

www.varindia.com

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