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RBI Approves Nokia Mobile Money Transfer

|May 10 2010 |Nokia, Mobile Operators

The Reserve Bank of India has finally approved Nokia Mobile Money services that enable consumers to transfer money to other individuals by using their mobile devices. Yes Bank has launched this service in India specifically for unbanked and under-banked consumer segments. "There are nearly a billion others with no national ID who are constrained from accessing the financial system and its services. This service eliminates the dependence on the physical presence of a branch or availability of internet banking services and will successfully ride on the deeper penetration of mobile services in India," said Suresh Sethi, group president, transaction banking group, YES Bank.

Mobile Money Services will also allow consumers to pay utility bills as well as recharge prepaid SIM cards (top-ups), and later on also pay merchants for goods and services by using their mobile devices. Supported by Obopay's payments platform, the first-of-its-kind service provides the ability to initiate mobile payments through multiple channels i.e. SMS, IVR, WAP, JAVA and FIRE. "This service will facilitate convenience in making mobile payments through mobile devices, across the country," says Nokia. "Going forward, the programme application will also be pre-embedded in Nokia mobile devices making the service highly accessable and user-friendly."

Currently, YES Bank is the only one to offer this service in India, but Nokia is in talks with other banks as well. "Mobile Money Services is designed to work in partnership with mobile network operators and banks, involving distributors and merchants in a dynamic ecosystem, to seamlessly provide new services," said D Shivakumar, VP and managing director, Nokia India.

This pre-paid service has already been launched as a pilot in Pune, which is reviewing customer behaviour and delivery benchmarks to ensure a flawless service framework. Results from this test study will be first shared with RBI in order to regulate the nationwide roll-out of the services in a phased manner.

To start with this service, visit Nokia's retail outlet and fill a form which will make you an account holder of Yes Bank. And all this can be done within a span of 15 minutes, as per Nokia.

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