Nokia to introduce mobile cash transfer service


22 Mar 2011
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Delhi: Union of Bank of India and Nokia is all set to join into a collaboration to introduce mobile money transfer. They have initiated a mobile-to-mobile cash transfer service called Union Bank Money.

This process will allow any mobile users on any network to shop, pay utility bills, top-up prepaid cards using only a mobile phone. Union Bank of India and Nokia are hopeful that this process will be helpful to government in their obligation towards financial inclusion in rural areas.

Having targeted the financial inclusion, more than 2lakh Nokia retail outlets would become business correspondents. This will provide the facility to open no-frill accounts, deposit and withdraw cash up to 50,000 and conduct transactions of the same value every day. Apart from this, Union bank plans to add disbursement of micro-loans, ticketing facilities and other government services in the near future.

Nokia will be imparting a six week training to each business correspondent at Nokia's retail outlets in order to handle the process swiftly.

Nokia is all set to install the application on all its mobile phones. Existing mobile phone users have to register for the service at a Nokia retail outlet. Though the timeline and charges are yet to be decided registration is free for first six months. Customers in Noida, Faridabad and Delhi can start using its service. And by the end of this year this service will reach to rest of India.
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