Nokia Regains Its Position with Nokia Money
Nokia after losing in mobile sales now targets mobile services sector with its freshly minted Nokia money service. Nokia is planning for a full India coverage for Nokia Money this year. According to Nokia Director, the e-wallet service are currently made available at select places in Mumbai, Delhi National Capital Region (NCR), Nasik, Pune, Chennai and Chandigarh. The company is also planning to initiate its operations in Surat, Baroda, Rajkot, Lucknow, Kanpur, Kochi and Kozhikode.
The world’s largest handset maker Nokia that has been facing a double whammy in India as competitors eat out its market share in both low priced and high finish smartphone segments, is looking to boost its ancillary services business. It is now aiming at a nationwide coverage for Nokia Money, a mobile payment service which allows consumers to pay directly from their Nokia mobile.
Nokia already has a tie-up with banks like Yes Bank and Union Bank of India for the e-wallet facility and is thinking about tie-ups with other banks also. Nokia is still discussing with other banks for the facility.
An e-wallet works in the same manner as a physical wallet and allows the users to make electronic transactions in exchange for services or products without the use of hard funds. Earlier people were shocked to think that your phone could have a camera, but now everyone makes use of a camera phone. Similarly in a couple of years it will be a wallet in your phone.
Earlier this year Nokia had dismantled its Ovi brand and announced that the name Ovi will be removed and the services will be re-branded as Nokia Services. The company also reached the half a billion mark in India this year in terms of devices manufactured in its Chennai plant.