06 December 2016
Visit aciworldwide.com

Fino buys Nokia's Indian mobile money business

28 June 2012  |  6369 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

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nokia trials Brazilian mobile NFC payments

Nokia trials Brazilian mobile NFC payments

16 April 2012  |  5635 views  |  0 comments
Nokia kills off Indian mobile money service

Nokia kills off Indian mobile money service

12 March 2012  |  7368 views  |  1 comments
Union Bank of India to introduce national mobile money network

Union Bank of India to introduce national mobile money network

26 November 2010  |  9205 views  |  0 comments
Nokia partners India's Yes Bank on mobile finance pilot

Nokia partners India's Yes Bank on mobile finance pilot

16 February 2010  |  9062 views  |  1 comments
Nokia moves into mobile financial services

Nokia moves into mobile financial services

26 August 2009  |  10393 views  |  0 comments
Nokia invests in Obopay

Nokia invests in Obopay

25 March 2009  |  8619 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit VocaLink.comFind out more

Who is commenting?

A Finextra member Finextra Member Commented on: Guesswork alone can cr...
A Finextra member Finextra Member Commented on: Guesswork alone can cr...
A Finextra member Finextra Member Commented on: Guesswork alone can cr...
A Finextra member Finextra Member Commented on: Guesswork alone can cr...

Top topics

Most viewed Most shared
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
6842 views 12 comments | 15 tweets | 26 linkedin
OCC to offer fintech firms bank charter statusOCC to offer fintech firms bank charter st...
6418 views comments | 23 tweets | 15 linkedin
Bank CEOs fret about ROI as startups drive IT arms raceBank CEOs fret about ROI as startups drive...
6205 views comments | 17 tweets | 21 linkedin
Amazon signs up tech firms to financial services cloud programmeAmazon signs up tech firms to financial se...
6021 views comments | 14 tweets | 15 linkedin
Big tech policy group calls on Trump to promote fintech innovationBig tech policy group calls on Trump to pr...
5391 views comments | 22 tweets | 11 linkedin

Featured job

Find your next job