Nokia-Union Bank of India aid Mobile Financial System

One of India’s leading mobile handset makers, Nokia has gone a step ahead of its contemporaries. Tapping into one of the nation’s pressing needs; the handset maker has joined hands with Union Bank of India to make financial services available to those don’t have a bank account to their name.

Now, finance at your finger tips!

Using these services, Nokia – Union Bank claim to enable hassle free money transfer between individuals, cash withdrawals at registered Nokia stores as well as ATMs. Also, recharging mobile phones (top–ups), according to the partners, will be available on their mobile phones, thereby removing all the middle men in the process.

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Palling with KYC (Know Your Customer) guidelines the mechanics of the whole system can be rendered safe. The KYC guidelines instruct financial institutions to have complete details of the people using the services of these financial institutions. The mandate asks them to especially look out for those having fraudulent connections. This service enables the ‘Anytime Anywhere service’ on its mobile financial platform. This service would extend to the numerous villages, in addition to the urban cities.

The implementation of the whole system comes under Nokia’s ambitious dream of having all financial headers under one common roof. The success of this, or even the rate at which people would use these services effectively, however, seems a lengthy process.