Nokia ties with Yes Bank for mobile money services
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Nokia ties with Yes Bank for mobile money services
Mumbai: Nokia launched its money transfer services along with Yes Bank, which has received the regulatory approvals from the Reserve Bank of India (RBI) to act as the issuing bank and the custodian of funds under these services, reportd Priyanka Joshi of Business Standard. Currently, Nokia and Yes Bank started a pilot in Pune that facilitates transfer of money to another person simply by using the person's mobile phone number. They will also be able to pay utility bills and top-up SIM cards. "Looking ahead, there will also be the facility to pay for goods and services," said Suresh Sethi, Group President, Transaction Banking Group, International Banking, Yes Bank. According to industry estimates, over 600 billion ($12.75 billion) is remitted across the country, and an estimated 46 per cent of 500 mobile subscribers do not have bank accounts. "Partnering with Nokia gives us access to its 200,000 retail distribution network that becomes a touch point for consumers to avail the services," said Sethi. Currently in India about 200-300 million Indians are having some some form of national identity document who have an access to financial services, there are nearly a billion others with no national ID who are restricted from accessing the financial system and its services. Mobile Money Services will act as the micro banking solution for Yes Bank especially in the rural areas. D Shivakumar, VP and Managing Director, Nokia India said, "We will work in partnership with multiple network operators and banks, involving our wide network of distributors and merchants in an open ecosystem to provide the new services. The pilot in Pune will review customer behaviour to ensure a flawless service framework, prior to the national roll-out in a phased manner." Yes Bank is Nokia's first partner in India to bring this service to market.

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