27 November 2015

Fino buys Nokia's Indian mobile money business

28 June 2012  |  5969 views  |  0 Taj Mahal

Fino, a Mumbai-based financial services provider, has acquired the Indian mobile money service Finnish handset maker Nokia shut down earlier this year.

Nokia Money was unveiled in 2009 with the company looking to target unbanked people by offering mobile financial management and payments services.

By this year the service had around 1.2 million people users across three platforms - one with Yes Bank, one with Union Bank and one directly with Nokia. However, Nokia decided to shut the service down, deeming it as not "core" to the business.

According to Press Trust of India, Fino has now acquired the renamed Alpha Payment Services, which still has around 700,000 accounts lying dormant, for an undisclosed cash fee and will try to revive it.

Fino buys Nokia's mobile payment services business - PTI

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