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Despite a tough regulatory environment for mobile banking in India, Nokia expects to soon roll out its financial and banking services in the country under the banner of ‘Nokia Money’. The world’s largest mobile phone company has initiated talks with six banks in India who will be responsible for cash management and handling banking regulatory issues. As per Nokia’s strategy, it plans to tap its huge network of 1.9 lakh phone retailers and dealers who will act as the consumer point and banking correspondents.

Nokia will offer an universal platform where the mobile phone can be a medium for banking, international remittance, payment of utility bills, pay merchants for goods and services and buying tickets. “India figures amongst the top 20 countries where we plan to roll out Nokia Money in the first phase. While at present Indian banks may have a mobile banking platform, it is limited to a single bank and telecom operator. What we plan to offer is a full-fledged service which will bring together all banks, operators and even handsets of other brands,” said Teppo Paavola, global head of Nokia Money service. Talking about the regulatory challenges in India, Mr Paavola said the key issue will be to turn the Nokia retailers into Nokia Money agent.

[Via: unwireindia]