22 April 2018
Visit https://aciworldwide.webex.com

Nokia partners India's Yes Bank on mobile finance pilot

16 February 2010  |  9483 views  |  1 smartphone screen with graph

The world's biggest handset manufacturer Nokia is teaming up with India's Yes Bank on a commercial mobile financial services pilot in Pune.

The pilot scheme will let people transfer money to another person simply by using their mobile phone number. They'll also be able to pay utility bills and top up SIM cards while the ability to pay for goods and services is expected to be added in the future.

The system is based on technology from Obopay, the California m-payments start-up Nokia took a minority stake in - understood to be worth $70 million - last year. Soon after, the pair unveiled a mobile financial management and payments service targeted at unbanked people in developing countries.

At the time they predicted the service would be rolled out in "selected markets" this year and have now confirmed India as an early test site. Obopay and Yes Bank already had a partnership, enabling person-to-person and person-to-bank mobile payments.

India has the fastest growing cellular market in the world, says Obopay. There are 500 million mobile phones in the country now but this is expected to be reach than 900 million by the end of 2013. Meanwhile, 41% of the population does not even have a bank account.

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 19 February, 2010, 11:16

Good to see M-commerce market hotting up with big players like Nokia moving to higher chain in it's services biz and helping aggressive tech savvy banks like Yes Bank to leverage RBI's recent m-commerce payment guidelines ( Limit upto 10000 INR).

Let us see how big brothers in Banking and Telecom Service provider reacting to it as sure they have established m-commernce and payments technology earlier in 2009.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
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 company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.abe-eba.euVisit http://wup.digitalVisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
11227 views comments | 19 tweets | 26 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
9980 views comments | 18 tweets | 32 linkedin
Revolut launches spare change savings toolRevolut launches spare change savings tool
9871 views comments | 14 tweets | 19 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
9056 views comments | 16 tweets | 22 linkedin
Goldman Sachs acquires PFM startup Clarity MoneyGoldman Sachs acquires PFM startup Clarity...
8466 views comments | 9 tweets | 10 linkedin

Featured job

Six-Figure Base + OTE + Benefits
London, UK

Find your next job