‘Nokia Money’ will soon knock the door of the customers to favor them in financial and banking services. Nokia known for its ‘Top priority’ has initiated the talks with six banks in India to be concerned of cash management and handling banking regulatory issues.

Nokia has planned to offer full -fledged service because Indian Bank’s mobile platform is limited to single bank and telecom operator. Nokia will offer a universal platform where the mobile phone can be a medium for banking, international remittance, and payment of utility bills, pay merchants for goods and services and buying tickets.

By this new plan Nokia expects that it will bring together all banks, operators and even handsets of other brands. Nokia’s strategy is to hit a huge network of 1.9 lakh phone retailers and dealers who will act as the consumer point and banking correspondents.

‘Know your customer’ policy followed by Indian banks could limit Nokia agents. Turning the Nokia retailers into Nokia Money agent is one of the most important regulatory challenges to be tackled. Nokia expects a huge success in India due to its vast dealer network from where consumers can deposit money or withdraw cash.

Nokia Money will act as an extension of a bank’s branch and set up ATM’s in India. But the success depends on following facts,

• Service should be available in all handsets.
• Should be trouble-free and expedient to make a voice call or to send a SMS.
• Very Low transaction fee is must.

NokiaMoney is expected to be launched by next year. Highly populated India is a good market place to explore global mobile financial services and also to promote the market shares to reach the zenith.